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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