Historically, economists have had very little to say about art: in
the latter half of this century, that has begun to change.
Difficult issues, like pricing and art valuation, the influence on
pricing by what is fashionable in art, and the nature of the
auction, have recently been tackled by economists in spite of
elusive answers. "Economic Engagements with Art "suggests that
taste and fashion in art need not be mysterious or outside rational
discourse, and that they can be studied by economists to the great
benefit of the discipline.
This volume, which deals mostly with painting, is divided into
three sections that consider the interplay between art and
economics from different perspectives. In the first section, "Art
and Economic Theory," economists clarify the need to construct a
framework for understanding the roles of taste and fashion in art
valuation. A historical view is considered in a piece about the
teacher of Velasquez and artistic adviser to the Inquisition in
Seville, who took into account not only market factors, like
demand, but also the "truth" and the nobility of the artist's
profession and of the painting itself. Also in this section is an
essay on Rousseau's perspective on the worth of a painting based on
its envy value in social circles; other contributions focus on
William Stanley Jevons, a nineteenth century British political
economist, whose problems with art stemmed from the uniqueness of
each work, rendering definitive market and economic terms
irrelevant. The second section of the book, "Art and Economic
Policy," looks at broader policy issues with regard to the
historical role of art. Essays consider policy with respect to art
exports and imports andfederal patronage of the arts during
theDepression; Lionel Robbins and the political economy of art; and
the interplay among economy, architecture, and politics as shown in
certain postwar Hilton hotels. In the final section, "The Business
of Art," a variety of perspectives are considered: the economics of
art in early modern times, discussed in the context of both
humanist and scholastic approaches; the pricing of pictures based
on a study of the Smith-Reynolds connection; and the relationships
between Otto Nuerath, graphic art, and the social order.
The first collaborative and historical treatment of the connection
between art and economics, "Economic Engagements with Art" will
appeal to people across, from history and economics to art
history.
"
Contributors," Marcia Balisciano, William J. Barber, Neil de
Marchi, Bertil Friden, Crauford D. Goodwin, Guido Guerzoni, Robert
J. Leonard, Harro Maas, Ernest Mathijs, Steven G. Medema, Bert
Mosselmans, Zarines Negron, Marcia Pointon, Helen Rees, Toon van
Houdt, Annabel Wharton, Sara Zablotney
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