Accepted author manuscript, 710 KB, PDF document
Available under license: CC BY-NC: Creative Commons Attribution-NonCommercial 4.0 International License
Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
}
TY - JOUR
T1 - Posthumous Trading Patterns Affecting Artwork Prices
AU - De Silva, Dakshina
AU - Kosmopoulou, Georgia
AU - Pownall , Rachel
AU - Press, Robert
PY - 2022/4/30
Y1 - 2022/4/30
N2 - 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.
AB - 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.
U2 - 10.1093/oep/gpab024
DO - 10.1093/oep/gpab024
M3 - Journal article
VL - 74
SP - 453
EP - 472
JO - Oxford Economic Papers
JF - Oxford Economic Papers
SN - 0030-7653
IS - 2
ER -