Federico Etro, 04 November 2010

Looking at the contracts for large oil paintings in Italy (1550-1750), this column finds evidence of strong competition between painters. Contracts were structured to address moral hazard problems, and prices closely reflected demand and supply conditions in an integrated market.

Nauro Campos, 03 May 2008

Art auctions are a testing ground for economic theory. This column summarises recent research that uses extensive data on works of Latin American art to study auction outcomes. Most puzzlingly, there is a persistent “afternoon effect,” in which identical goods auctioned later command lower prices.

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