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The Economics of American ArtIssues, Artists and Market Institutions$
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Robert B. Ekelund Jr., John D. Jackson, and Robert D. Tollison

Print publication date: 2017

Print ISBN-13: 9780190657895

Published to Oxford Scholarship Online: July 2017

DOI: 10.1093/oso/9780190657895.001.0001

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Markets, Culture, and American Art

Markets, Culture, and American Art

(p.1) Chapter 1 Markets, Culture, and American Art
The Economics of American Art

Robert B. Ekelund

John D. Jackson

Robert D. Tollison

Oxford University Press

Chapter 1 introduces the rationale for studying and analyzing the economic aspects of American art as a “category” of art genres and, more generally, it places the market for art in the context of trade for all goods and services. Art, like all traded goods, possesses credence characteristics, but they are present to a significant degree since the requisite assurance of authenticity is often difficult to determine. The chapter also explains why American art can be segmented for study apart from a “homogeneous” art category and also as two markets—one prior to art produced before 1950, and another that has come to be called contemporary American art. Chapter 1 previews the remainder of the book in which both semi-technical issues, such as artistic productivity, auction estimates, and investments, and narrative issues, including art crime, fakes, art marketing “death effects,” and contemporary art bubbles, are dissected from an economic perspective.

Keywords:   American art, credence, contemporary art, bubbles, art marketing

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