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dc.contributor.authorUrsprung, Heinrich W.en
dc.contributor.authorWiermann, Christianen
dc.date.accessioned2008-03-06-
dc.date.accessioned2009-07-28T08:29:58Z-
dc.date.available2009-07-28T08:29:58Z-
dc.date.issued2008-
dc.identifier.urihttp://hdl.handle.net/10419/26282-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x2237en
dc.subject.jelZ11en
dc.subject.jelJ24en
dc.subject.jelG12en
dc.subject.ddc330en
dc.subject.keywordart price formationen
dc.subject.keyworddeath effecten
dc.subject.keyworddurable goods monopolyen
dc.subject.stwKunstgegenstanden
dc.subject.stwPreisen
dc.subject.stwKünstlerische Berufeen
dc.subject.stwSterblichkeiten
dc.subject.stwLebensalteren
dc.subject.stwHedonischer Preisen
dc.subject.stwTheorieen
dc.subject.stwWelten
dc.titleReputation, price, and death: an empirical analysis of art price formation-
dc.typeWorking Paperen
dc.identifier.ppn559511566en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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