Old master paintings, export veto and price formation: an empirical study

Abstract

In this paper, we focus on the institutional setting where Old Masters'Paintings (OMP) markets transactions are carried. We develop a preliminary attempt to embody legal provisions in econometric, hedonic pricing models. We consider a particular regulation applicable only in Italy, the ''export veto'' for art objects that are particularly relevant for the national cultural patrimony. We proxy such legal provision in order to include it in the statistical analysis and to check whether it affects the OMP price differentials between pre-auction estimated price and post-auction hammer price. Preliminary results show that the price differential is affected by the legal variable, therefore suggesting that the country's institutional framework plays an important role in price dynamics.

Horizontal and vertical differentiation in comic art auctions

“…Excluding colored artworks, many artworks are done with pencil or ink exclusively (69% in our sample), showing evidence that the corresponding artworks represent the totality of the creative process without being colored 12 . With respect to the topic, some subject matters ( arts , genre , science‐fiction ) have a significant influence on comic art prices, corroborating the importance of subject matters, as highlighted by previous studies on other art markets (Agnello & Pierce, 1996; Campos & Barbosa, 2008; Onofri, 2009; Renneboog & Spaenjers, 2013).…”

Investment Returns and Economic Fundamentals in International Art Markets

“…First, practical and legal barriers hinder international art transactions. As an extreme example, some countries impose restrictions on the export of certain categories of art, which of course negatively affects demand and prices (Onofri 2009). But even if not outlawed, international art trade may still be discouraged by import tariffs and transport costs that also induce a home (country) bias in the consumption of other goods (Obstfeld and Rogoff 2001), or by transaction costs resulting from the localized nature of art markets' institutional frameworks.…”

Artworks without names: an insight into the market for anonymous paintings

“…This finding is consistent with other empirical studies that include the "expertise" dummy to control for expert opinions on prices. Most of them find that the effect is positive, though it considerably varies from one sample to another (Onofri 2009;Campos and Leite-Barbosa 2009;Euwe and Oosterlinck 2017;Ginsburgh et al 2019). There are however reasons to believe that the effect of art experts is greater in the market for APs since these works are rarely the object of publications and exhibitions.…”

“…The graph also reflects the relative steadiness of both segments, less subjected to market variations and time effects. The low values of indirect names can be explained by the fact that the scale of authentication used by salesrooms comprises heterogeneous degrees of quality, especially between "workshop of" and "copy after" or "manner of" pictures that are much lower priced in the market (Onofri 2009;Renneboog and Spaenjers 2013;Oosterlinck 2017).…”

“…workshop of Sir Peter Paul Rubens; follower of Pieter I Bruegel). 1 Several economic studies include these indicators of authenticity and confirm their negative effects on prices (Onofri 2009;Renneboog and Spaenjers 2013;Oosterlinck 2017;Euwe and Oosterlinck 2017). Provisional names (e.g.…”