Overview

"The rapidly changing and evolving art market might appear to be chaotic to the casual observer, with new highs, potential lows, and tastes and fashions changing season to season. Economists, however, view the actions of buyers and sellers as constituting an identifiable market. They have, for some decades, studied such issues as artistic productivity and ""death effects"" on prices, investment returns, and on the basis of the behavior and estimated prices in auction markets. The Economics of American Art analyzes the most pervasive economic issues facing the art world, applied to the whole spectrum of American art. The book begins by looking at how a market for American art developed, how the politics of the post-war era shaped, at least in large part, the direction of American art, and how this legacy continues into contemporary art today. The book then tackles several salient, integral questions animating the American art world: Are age and ""type"" of artist (i.e. traditional or ""innovative"") related and, if so, how might they be related to productivity? Is investment in American art a remunerative endeavor compared to other investment possibilities? Do economic insights provide understanding of fakes, fraud and theft of art, particularly American art, and is it possible to prevent art crime? Is there is a boom (or a bust) in the market for contemporary American art as might be found in other markets? The ongoing evolution of American art is attended by a massive number of influences, and the economic concepts employed in this volume will complement other critical and important cultural studies of art. Both practical and accessible, The Economics of American Art will be essential for collectors, auction houses, American art experts of all kinds, museums, gallery owners and, not least, by economists with continuing scholarly interests in these matters."

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9780190657895

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Reviews

The workings of the art market are a matter of curiosity to the general public and of vital financial interest to collectors, dealers, gallery curators and, of course, artists. This book contains a detailed account of the economics of the American art market that will be of interest to students and researchers in economics at the same time as being readily accessible to the non-technical reader. The authors, all distinguished economists, show a breadth and depth of understanding of American art that informs their empirical analysis and the discussion of their findings. Indeed the book is an exemplary illustration of the way in which economics, when competently and sensitively applied, can illuminate important aspects of the role of art in human affairs.> -bDavid Throsby, Macquarie University A landmark history of the art market in the United States. -Neil De Marchi, Professor of Economics Emeritus, Duke University. The approach taken by the authors to the subject matter, American Art, is unique. This book should be of keen interest to collectors of American art, firms interested in art as an investment, and students that are interested in both American Art and the economics surrounding the sales of art. - Kathryn Graddy, Fred and Rita Richman Distinguished Professor in Economics, Brandeis University The social sciences and the humanities come together in analyses of art markets, a subject of increasing interest in recent years to economists, historians, philosophers, and scholars in all fields interested in the important policy questions that are raised. This is the first major survey and integration of research that has been undertaken thus far. This book will serve as an excellent introduction for interested scholars in all fields and as a text for courses and seminars in colleges and universities. -bCraufurd Goodwinr, James B. Duke Professor of Economics Emeritus, Duke University

"""The workings of the art market are a matter of curiosity to the general public and of vital financial interest to collectors, dealers, gallery curators and, of course, artists. This book contains a detailed account of the economics of the American art market that will be of interest to students and researchers in economics at the same time as being readily accessible to the non-technical reader. The authors, all distinguished economists, show a breadth and depth of understanding of American art that informs their empirical analysis and the discussion of their findings. Indeed the book is an exemplary illustration of the way in which economics, when competently and sensitively applied, can illuminate important aspects of the role of art in human affairs.>"" -bDavid Throsby, Macquarie University ""A landmark history of the art market in the United States."" -Neil De Marchi, Professor of Economics Emeritus, Duke University. ""The approach taken by the authors to the subject matter, American Art, is unique. This book should be of keen interest to collectors of American art, firms interested in art as an investment, and students that are interested in both American Art and the economics surrounding the sales of art.""- Kathryn Graddy, Fred and Rita Richman Distinguished Professor in Economics, Brandeis University ""The social sciences and the humanities come together in analyses of art markets, a subject of increasing interest in recent years to economists, historians, philosophers, and scholars in all fields interested in the important policy questions that are raised. This is the first major survey and integration of research that has been undertaken thus far. This book will serve as an excellent introduction for interested scholars in all fields and as a text for courses and seminars in colleges and universities."" -bCraufurd Goodwinr, James B. Duke Professor of Economics Emeritus, Duke University"

The approach taken by the authors to the subject matter, American Art, is unique. This book should be of keen interest to collectors of American art, firms interested in art as an investment, and students that are interested in both American Art and the economics surrounding the sales of art. * Kathryn Graddy, Fred and Rita Richman Distinguished Professor in Economics, Brandeis University * A landmark history of the art market in the United States. * Neil De Marchi, Professor of Economics Emeritus, Duke University * The workings of the art market are a matter of curiosity to the general public and of vital financial interest to collectors, dealers, gallery curators and, of course, artists. This book contains a detailed account of the economics of the American art market that will be of interest to students and researchers in economics at the same time as being readily accessible to the non-technical reader. The authors, all distinguished economists, show a breadth and depth of understanding of American art that informs their empirical analysis and the discussion of their findings. Indeed the book is an exemplary illustration of the way in which economics, when competently and sensitively applied, can illuminate important aspects of the role of art in human affairs. * David Throsby, Macquarie University * The social sciences and the humanities come together in analyses of art markets, a subject of increasing interest in recent years to economists, historians, philosophers, and scholars in all fields interested in the important policy questions that are raised. This is the first major survey and integration of research that has been undertaken thus far. This book will serve as an excellent introduction for interested scholars in all fields and as a text for courses and seminars in colleges and universities. * Craufurd Goodwin, James B. Duke Professor of Economics Emeritus, Duke University *

Author Information

Robert B. Ekelund, Jr. is Professor and Eminent Scholar Emeritus in economics at Auburn University. John D. Jackson is Professor of Economics, Emeritus at Auburn University. Robert D. Tollison (deceased) was the J. Wilson Newman Professor Economics at Clemson University. He came to Clemson in 2003.

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