By Bruno S. Frey
Using the industrial point of view, this intriguing textual content bargains another view to sociological or artwork old techniques to paintings. the problems mentioned contain: associations from fairs to "superstar" museums, varied technique of helping the arts, an research into paintings as an funding, and some of the methods utilized while valuing our cultural properties. this article demanding situations commonly held renowned perspectives and, as soon as began, is tough to place down.
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Extra resources for Arts & Economics: Analysis & Cultural Policy
This does, of course, not mean that the former aspects should be neglected, but that the economic causes and consequences should be analyzed from the rational choice perspective in order to differentiate it from other approaches such as the sociology, psychology, or law of art. The economic approach is characterized by its individualistic focus and its acceptance of individual preferences. "Art" is defined to be what people think art is, and economists do not judge whether art is "good" or "bad".
A good example is the Kunstmuseum in Basle, which has an excellent collection of works by Picasso, van Gogh and other expressionists and impressionists, as well as by Holbein, but does not feature a painting which is known all over the world. The Getty Museum in Los Angeles can attract huge crowds due to its location and architecture. But until recently, it has lacked a superstar painting. Interestingly, the directorate has made a huge effort to acquire a world famous painting. 2 million to buy Pontormo's Cosima I, one of the top ten prices ever paid at an auction.
Such differentiation makes sense in so far as the demand and supply processes, and therewith the equilibrium attained, deviate systematically from each other. 7 8 9 Spitzweg's picture "Der arme Poet" (1839) in Munich's Neue Pinakothek is a good illustration of people's perception of an artist in German-speaking countries. Rembrandt earned a lot of money, but he (almost) went broke because of risky speculations with shipping stocks. In contrast to what Milos Forman's film and Peter Shaffer's underlying play "Amadeus" portray, Mozart was well paid for his time, but he lost much of his money gambling (Baumol and BaumoI1994).