Entry of painters in the Amsterdam market of the Golden Age

Elena Stepanova, Federico Etro

Risultato della ricerca: Contributo in rivistaArticolo in rivista

7 Citazioni (Scopus)

Abstract

We analyze the evolution of the entry of painters and price of paintings in the XVII century Amsterdam art market. In line with evolutionary theory, demand-driven entry in the market was first associated with product innovations and a rapid increase in the number of painters. After reaching a peak, the number of painters started to decrease in parallel with a price decline and the introduction of process innovations. To test for the role of profitability in the art market as a determinant of endogenous entry of painters, we build a price index for the representative painting inventoried in Dutch houses. This is based on hedonic regressions controlling for characteristics of the paintings (size, genre, placement in the house), the owners (job, religion, value of the collection, size of the house) and the painters. After a peak at the beginning of the century, the real price of paintings decreased until the end of the century. We provide anecdotal evidence for which high initial prices attracted entry of innovators, and econometric evidence on the causal relation between price movements and entry.
Lingua originaleEnglish
pagine (da-a)317-348
Numero di pagine32
RivistaJournal of Evolutionary Economics
Volume26
DOI
Stato di pubblicazionePubblicato - 2016
Pubblicato esternamenteYes

Keywords

  • Art market
  • Business, Management and Accounting (all)
  • Dutch golden age
  • Economics and Econometrics
  • Endogenous entry
  • Hedonic prices
  • VAR analysis

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