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Economics of the arts and literature or cultural economics (used below for convenience) is a branch of economics that studies the economics of creation, distribution, and the consumption of works of art, literature and similar creative and/or cultural products. For a long time, the concept of the "arts" were confined to visual arts (e.g ...
Art valuation, an art-specific subset of financial valuation, is the process of estimating the market value of works of art. As such, it is more of a financial rather than an aesthetic concern, however, subjective views of cultural value play a part as well.
An art auction at Christie's. The art market is the marketplace of buyers and sellers trading in commodities, services, and works of art.. The art market operates in an economic model that considers more than supply and demand; it is a market where art is bought and sold for values based not only on a work's perceived cultural value, but on both its past monetary value as well as its predicted ...
Although there are various types of museums, such as art, science and technology, and ecomuseums, the challenge remains to balance preservation and educational goals with the career objectives of museum managers. In the 1990s, science and technology museums faced fewer challenges in terms of funding and legitimacy [6] compared to art museums ...
In her 1970 book Meaning and Expression: Toward a Sociology of Art, Hanna Deinhard gives one approach: "The point of departure of the sociology of art is the question: How is it possible that works of art, which always originate as products of human activity within a particular time and society and for a particular time, society, or function -- even though they are not necessarily produced as ...
Unique art is valued precisely because of its uniqueness. Since each piece of art is different, and because each piece does not appear on the market very often, the determination of changes in market value prove difficult to determine. [2] Economists use the hedonic regression (HR) estimation method to calculate prices in art. This is used to ...
What's old is new again when it comes to trends—this time around, we're going back in time about 100 years, to the 1920s and '30s, when Art Deco first burst onto the scene.The architectural ...
The Baumol–Tobin model is an economic model of the transactions demand for money as developed independently by William Baumol (1952) and James Tobin (1956). The theory relies on the tradeoff between the liquidity provided by holding money (the ability to carry out transactions) and the interest forgone by holding one’s assets in the form of non-interest bearing money.