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  • OEP 2021 - DKPS

    Rights statement: 24m

    Accepted author manuscript, 710 KB, PDF document

    Embargo ends: 1/01/50

    Available under license: CC BY-NC: Creative Commons Attribution-NonCommercial 4.0 International License

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Posthumous Trading Patterns Affecting Artwork Prices

Research output: Contribution to journalJournal articlepeer-review

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<mark>Journal publication date</mark>10/02/2021
<mark>Journal</mark>Oxford Economic Papers
Publication StatusAccepted/In press
<mark>Original language</mark>English

Abstract

This study aims to identify factors contributing to price fluctuations in artworks after an artist's death. With access to information on seller characteristics from a historical dataset of all art auctions that took place in London between 1741 and 1913, we investigate how trading patterns and network effects affect art sales prices at auctions. Following an artist's death, we capture dynamic effects in sales patterns and find that prices decline by seven percent. We attribute this decline on the confluence of non-strategic and strategic effects, firstly on a frequent lack of access to professional consultation and secondly on changes in trading patterns of art dealers posthumously. Our results highlight the long term influence of those factors on high valued art.