The Market For Artworks
Two segments of the market in the visual arts can be distinguished: works of art that are familiar and have a history, and contemporary works that are more easily influenced by fashion and new discoveries. Both markets, however, are oligopolistic, i.e., there are limited numbers of sellers and buyers (oligopsony). Two central questions on the working of the markets are: How are prices determined, and what is the return on artworks, compared to the return on financial assets ?
Read more about this topic: Economics Of The Arts And Literature
Famous quotes containing the words market and/or artworks:
“the old palaces, the wallets of the tourists,
the Common Market or the smart cafés,
the boulevards in the graceful evening,
the cliff-hangers, the scientists,
and the little shops raising their prices
mean nothing to me.”
—Anne Sexton (1928–1974)
“It is with artworks as it is with wine: it is much better when we do not need either one, when we stick with water, and when out of our own inner fire, the inner sweetness of our own soul, we turn the water over and over again into wine ourselves.”
—Friedrich Nietzsche (1844–1900)