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dc.contributor.authorUrsprung, Heinrich W.en_US
dc.contributor.authorWiermann, Christianen_US
dc.description.abstractWe analyze how an artist’s death influences the market prices of her works of art. Death has two opposing effects on art prices. By irrevocably restricting the artist’s oeuvre, prices, ceteris paribus, increase when the artist dies. On the other hand, an untimely death may well frustrate the collectors’ hopes of owning artwork that will, as the artist’s career progresses, become generally known and appreciated. By frustrating expected future name recognition, death impacts negatively on art prices. In conjunction, these two channels of influence give rise to a hump-shaped relationship between age at death and death-induced price changes. Using transactions from fine art auctions, we show that the empirically identified death effects indeed conform to our theoretical predictions. We derive our results from hedonic art price regressions, making use of a data set which exceeds the sample size of traditional studies in cultural economics by an order of magnitude.en_US
dc.publisherCenter for Economic Studies and Ifo Institute (CESifo) Munichen_US
dc.relation.ispartofseriesCESifo working paper 2237en_US
dc.subject.keywordart price formationen_US
dc.subject.keyworddeath effecten_US
dc.subject.keyworddurable goods monopolyen_US
dc.subject.stwKünstlerische Berufeen_US
dc.subject.stwHedonischer Preisen_US
dc.titleReputation, price, and death: an empirical analysis of art price formationen_US
dc.typeWorking Paperen_US
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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