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1.
We analyze art pricing in a unique dataset on Madrid inventories between 1600 and 1750. We estimate a price index for the Spanish art market that is used for a general historical analysis of art during this period, showing a large increase in the real price of paintings during the XVII century. Then we examine the price differential between domestic and foreign paintings: At the beginning of the century domestic production was priced substantially below imported paintings, but the price gap was gradually reduced during the century. We argue that such a price convergence was not the fruit of variations in real exchange rate, relative supply or home bias, but was associated with increasing prices for the new domestic painters of the XVII century. Increasing remuneration for painting may have induced artistic innovations by domestic producers and created the conditions for the development of the Siglo de Oro of Spanish art. 相似文献
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Carlos A. Ulibarri 《Journal of Cultural Economics》2009,33(2):135-149
This paper applies a perpetual option-pricing model in examining historical returns on paintings. A key development of the
paper is formalizing a structural relationship between rational investment decisions and historical returns to art ownership.
In this regard the options’ framework yields choice-theoretic implications on the relationship among risk, convenience yields
from art ownership, and investor ‘hurdle prices’—prices triggering the purchase and sale of artworks at auction. The methodology
offers testable implications concerning the adjustment dynamics in the relationship between historical art returns and risk-free
yields. The implications are examined in a case study of paintings of major art schools using error correction methodology.
We find evidence of a long-run equilibrium relationship between painting types and risk-free bond yields, and some indication
of buyers and sellers preferring exchange environments not prone to “speculative resales.”
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| Carlos A. UlibarriEmail: |
4.
Joonwoo Nahm 《Journal of Cultural Economics》2010,34(4):281-297
This paper examines the price determinants of paintings in the Korean art market in the context of a hedonic price regression
to investigate whether the hypothesis of the modified unit pricing system holds for the pricing of Korean modern and contemporary
paintings. Using Korean auction data, I show that the parametric results provide overwhelming evidence that Korean art pricing
does not function in accordance with the modified unit pricing scale. However, I re-examine this hypothesis using a semiparametric
partial linear regression that does not require the prespecification of a functional form prior to estimation. Rather, the
semiparametric approach allows the data to determine the exact form of the size-price profile. This result confirms that the
modified unit pricing system applies to the Korean contemporary and modern painting market. 相似文献
5.
Kamilla B. Kalinina Ilaria Bonaduce Maria Perla Colombini Irina. S. Artemieva 《Journal of Cultural Heritage》2012,13(3):259-274
This paper presents the first extensive investigation of the composition of both the organic and inorganic media used by Lorenzo Lotto, one of the outstanding artists of the Italian Renaissance in the early 16th century. By investigating four paintings from The State Hermitage Museum collection (Saint-Petersburg, Russia), new insights into the artist's painting techniques were obtained, which contribute to our understanding of the transition from egg tempera to oil painting techniques that took place in Italian paintings between the 15th to the mid 16th century. Inorganic materials were determined using SEM-EDX and PLM, revealing information on the artist's palette. Of particular note was the powdered colourless glass found in the priming layer of the Madonna delle Grazie, which was most likely used as dryer. Organic materials were analysed in individual paint layers using GC-MS, and revealed a mature use of drying oils as paint binders, skilfully mixed with other organic materials and inorganic driers, to obtain the desired aesthetical and technical qualities of the paint. The study revealed that Lotto used the tempera grassa technique through most of his creative life. 相似文献
6.
We study the art market in the Venetian Republic from 1550 to 1750 analyzing the determinants of the prices (adjusted for the cost of living measured by the price of wheat) of figurative paintings. Reputation of the painters, size of the paintings and other quantifiable factors affect prices as expected. Other relevant factors include the placement of the paintings (on altars, ceilings or walls), whose impact reflects differences in demand elasticities. We find evidence of the law of one price confirming price equalization between high and low demand geographical destinations and between different subjects. Finally, in a Schumpeterian perspective, we relate the temporal trend of the price of a representative painting with waves of artistic innovations, whose peacks were in the 1500s and in the 1700s with a dark Baroque age in the intermediate century. 相似文献
7.
Constantin-Daniel Negut Vasile Bercu Octavian-Gheorghe Duliu 《Journal of Cultural Heritage》2012,13(4):397-403
The paper presents our results concerning a complex investigation by reflectance spectroscopy (RS) and Electron Paramagnetic Resonance (EPR) of the defects induced by gamma irradiation in 22 different historical pigments. Gamma irradiation is used to destroy microflora and insects which are involved in biodeterioration processes of art works such as paintings. At the same time, it can induce defects i.e. color centers which are likely to modify the original painting colors by altering the embedded pigments. Accordingly, RS was used to quantify, by means of CIELAB color space, the contribution of irradiation defects to the pigments color changes, while EPR spectroscopy, in view of paramagnetic properties of color centers, was used to confirm their presence after irradiation. Our investigations showed that, excepting marble dust whose color alteration was still observable after 3 months, color changes induced by irradiation in all other pigments disappeared after about 30–40 days. In addition, RS as well as EPR measurements suggest that color changes are related to irradiation color centers, this finding being confirmed by the coincidence, within experimental uncertainties, of the half-life time color changes as obtained by these methods. 相似文献
8.
Are Multiple Art Markets Rational? 总被引：1，自引：1，他引：0
We advance and subsequently test the proposition thatmarkets for fine art are rational, namely, that, inthe determination of price, traders make use of allrelevant art historical and critical information, asrevealed by hedonic content analysis, as well as allinformation on authenticity of the works offered forsale. If true, the proposition has consequences forpublic policy. Museums optimize choices among art historicallysignificant authentic paintings distributed asstochastic rare events in the tertiary market for art. Such paintings have few, if any, art historicallyequivalent substitutes, causing the demand for suchworks of art to be extremely inelastic. Museums tendto buy at the top of the information curve; payingprices which exceed market averages for similar art. As a result, society pays the cost of institutionalrisk aversion. In contrast, collectors often purchaseart before all art historical information is complete,and often earn a reward for assuming a risk due toincomplete information (Singer, 1991; Pomerhene, 1994).Collectors who can borrow to accumulate the highestcategory art can consume the services of their artcollection at zero cost. Stochastic transferfunctions fitted to time series of sales volume at thetwo top international auction houses confirm thehypothesis that the highest category of art is a quasisubstitute for financial instruments (liquid wealth). 相似文献
9.
In this note, 30,227 paintings by fifty well-known modern and contemporary Australian artists sold at auction over the period
1973–2003 are used to construct a hedonic price index. The attributes included in the hedonic regression model include the
name, age and living status of the artist, the number of works sold, the size and medium of the painting, and the auction
house, month and year in which the painting was sold. The results indicate that returns on Australian modern and contemporary
art averaged nearly five percent over the period with a standard deviation of sixteen percent. The results also show that
a ten percent increase in the Australian stock market is associated with a 3.4 percent increase in the art market. Generally,
artworks by artists deceased at the time of auction, larger works, works executed in oils, and those auctioned by Sotheby's
or Christies in July or August are associated with higher prices. 相似文献
10.
Past studies on art investment generally have found that returns are low and risk is high. In this study we find that the return to art investment is more in line with traditional investments and thus the cost for consumption associated with art seems fairly small. Employing a large sample of paintings by 66 American artists sold at auction between 1971–1992, average returns are found to be over 9 per cent and 3 per cent in nominal and real terms, respectively. The model employs a log linear price regression estimated by pooled cross section and time series data, and allows rates of return as well as hedonic values for various painting and auction attributes to be estimated. These include size, media, age of execution, authenticity of the work, and auction month and house. In addition, rates of return are differentiated by artist, time period of investment, price range and genre of the painting. The findings indicate significant sensitivity of rates of return to these data stratifications.This paper was presented at the 9th international conference of the Association for Cultural Economics, held in Boston, May 8–11, 1996. 相似文献
11.
《Journal of Cultural Heritage》2014,15(5):522-527
A new possible methodology for recognizing the nature of gypsum in artworks, in particular for wall paintings, was developed. Calcium sulfate can be an alteration product of the calcium carbonate, or a component used by the Artist himself; the problem of identification of the presence and the nature of gypsum could be found detecting the presence of strontium. This element could be used as a marker since, differently from the alteration form, in mineral gypsum simultaneous presence of calcium and strontium occurs. The correlation between these two elements may be recognized using non-invasive in situ X-ray fluorescence measurements. In the present work, we tested this occurrence in various mineral samples of gypsum and alabaster as well in tempera, fresco and Egyptian paintings. Considering the new possible role of strontium indicating the presence of natural gypsum, we expect to provide a valuable tool for conservation scientists, restorers and art historians. 相似文献
12.
Calin Valsan 《Journal of Cultural Economics》2002,26(3):203-216
This study investigates the relationship between the market value of artand the nationality of the painter. A sample of modern and contemporaryCanadian and American paintings is analyzed using non-parametric testsand a hedonic regression model. The results show a significantrelationship between aesthetic painting characteristics, such as subjectmatter, and market valuation. In general, the price of Canadian art iswell below that of American art. Even after adjusting for paintingcharacteristics, Canadian paintings appear to be less expensive still.It is believed that Canadian painters looked at the Northern landscapeto define a national identity, thus playing to a limited audience, theonly that could relate to the beauty of the Canadian scenery. Thisprogrammatic approach could explain some of the aforementioneddifferences in market valuation. 相似文献
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David Hradil Tom&#x; Grygar Janka Hradilov Petr Bezdi
ka Veronika Gr&#x;nwaldov Igor Foga&#x; Costanza Miliani 《Journal of Cultural Heritage》2007,8(4):377-386
The work is focused on identification of lead tin yellow types I and II, Naples yellow, and also on discrimination of a less common, distinct yellow pigment, the ternary Pb-Sb-Sn oxide.The knowledge about all those Pb-based yellows was in fact forgotten after introduction of modern synthetic yellows in 19th century. As late as in the last decade of the 20th century, the existence of Pb-Sb-Sn yellow and its production have been rediscovered, and only then it has been identified in colour layer of artworks.Pb-Sb-Sn yellow has recently been identified in colour layer of 17th century Italian paintings by Sandalinas and Ruiz-Moreno [C. Sandalinas, S. Ruiz-Moreno, Lead tin-antimony yellow, historical manufacture, molecular characterization and identification in seventeenth-century Italian paintings, Stud. Conserv. 49 (2003) 41–52], and here we report the finding of this pigment in Mid-European painting of the 18th and 19th centuries. Lead tin yellows, lead antimony yellow (Naples yellow), and lead antimony tin yellow were synthesized in laboratory following historical recipes, their colour was analyzed, and their structure was confirmed to provide a basis for their routine identification in microsamples of artworks by X-ray microdiffraction. Unequivocal identification of Pb-based yellows could help in authentication of traditional European paintings, because their use was temporally and also geographically specific. Combination of elemental microanalysis (X-ray fluorescence electron microanalysis) and X-ray powder microdiffraction were found very efficient in the microanalysis of colour layers of artworks with Pb-based yellows and their unequivocal identification. 相似文献
15.
Danilo Bersani Pier Paolo Lottici Antonella Casoli Diego Cauzzi 《Journal of Cultural Heritage》2008,9(1):97-102
During the restoration plan of the famous painting “Madonna col Bambino e S. Giovannino” by Sandro Botticelli, located in the Museo Civico of Piacenza (Italy), a study on painting materials was carried out. The pigments, the binders and the materials used for the application of ground and priming layers were studied using micro-Raman spectroscopy, gas chromatography coupled with mass spectrometry (GC/MS), optical and electronic microscopies. Gypsum and anhydrite were found in the ground layer, while carbon black and lead white were used in the priming layers. The precious pigments of the artist's palette and the binders used (egg and animal glue) were determined. 相似文献
16.
Monica Favaro Sara Bianchin Pietro A. Vigato Muriel Vervat 《Journal of Cultural Heritage》2010,11(3):265-278
Giovanni Fattori (Livorno 1825–Firenze 1908) is the most representative artist of the Macchiaioli's current, an early group of Italian plein-air artists, whose work anticipates, in the xixth century, that of their younger contemporaries, the French Impressionists. The study, performed by a multidisciplinary team made up of scientists and conservators, presents the results of the scientific characterization carried out on a group of 10 paintings made by Fattori between 1854 and 1893 and shows the way he used complex mixtures of a large variety of traditional and synthetic pigments, ranging from lead white, found pure and also extended with calcium carbonate, natural barite and gypsum to zinc white, from red ochre to cinnabar and vermilion, from yellow ochre and Naples yellow to chrome yellow, cadmium yellow and zinc yellow, combined with many other ones reported in details. This paper highlights the evolution of his painting technique during a time of great technological and social innovations and puts forward some hypothesis on his awareness about manufactured pigments, i.e. tube paints recently introduced into the artists’ circles. The wide range of pigments and their different quality among the same synthetic products suggest that the artist used all the available materials, and that picking out the pigments he retained the early xixth century artists techniques, such as the use of mineral earths and Prussian blue, similarly to his contemporary Italian artists Federico Zandomeneghi and Telemaco Signorini, but he also experimented new and peculiar pigment mixtures in the making of “colored darks” and an innovative use of the grounds in the final composition, that are also distinctive features of the French Impressionists. This work is aimed at contributing to overcome the lack of a comprehensive overview on the widespread historical and scientific data collected up to now on the Italian paintings in the xixth century, which has been severely underestimated with respect to previous art movements. 相似文献
17.
Sara Bianchin Monica Favaro Pietro Alessandro Vigato Guido Botticelli Gioia Germani Silvia Botticelli 《Journal of Cultural Heritage》2009,10(3):379-387
The scientific approach to the restoration and monitoring of mural paintings, at S. Girolamo Chapel – SS. Annunziata Church in Florence, is reported as a fruitful example of the synergic collaboration between restorers and scientists in the planning and development of conservative interventions. Before restoration, the painting technique and the state of preservation of the pictorial cycle have been investigated firstly by close examination of the painted surfaces and then by optical and/or SEM-EDS microscopy and μFT-IR spectroscopy on appropriately selected samples. In particular, the original constituent materials and those belonging to subsequent restorations were characterized together with those originating from decay processes. In this mural painting cycle, a peculiar “fresco” technique has been used although an auxiliary binder for pigment distemper has been also employed. The use of this technique, sometimes in an improper way together with uncorrected restoration interventions, are the main responsible of the unsatisfactory state of conservation of many painted areas. Preliminary conservation trials and scientific studies were carried out to design the most convenient restoration intervention and to verify the correctness and non-invasive of the necessary operations. Special attention was devoted to cleaning procedures, continuously monitored by a physico-chemical methodology, mainly based on microinvasive, microscopic and spectroscopic investigations, to evaluate the efficiency, advantages and drawbacks of the proposed cleaning procedures and define the most appropriate ones. Finally, specific decay markers have been recognized, by a comparison of the results obtained from the detached samples with those deriving from artificially aged models, to be used for a correct future monitoring and maintenance of the wall paintings. 相似文献
18.
Emiliano Carretti Luigi Dei Richard G. Weiss Piero Baglioni 《Journal of Cultural Heritage》2008,9(4):386-393
The application of a new class of organogels as cleaning tools for painted surfaces is described. It combines some of the most attractive features of cleaning liquids and normal gels while diminishing the deleterious characteristics of both. Thus, the ‘latent’ gellant, polyethyleneimine (PEI), reacts with CO2 at room temperature in solutions of several organic liquids to produce an ammonium carbamate form (PEICO2). This charged species organizes itself into 3D polymer networks which immobilize the liquids as gels. The properties of the original solution (i.e. a free-flowing liquid) are re-established immediately after addition of a small amount of a weak acid which displaces the CO2 molecules and makes the PEI chains positively charged. The visual changes are substantiated by rheological analyses. Results from analytical tests to determine the utility of these gels as cleaning tools for painted surfaces of historical and artistic interest, have been obtained from contact angle and FTIR measurements as well as visual comparisons of the surfaces before and after application of the gels. The analyses indicate that the PEICO2-based organogels were very effective in removing different surface patinas from painted supports. A surface layer of dammar was completely removed from a test canvas with oil paint, an aged painting from the XIX century, and a XV century oil-on-wood panel attributed to Mariotto di Cristoforo. Finally, a surface acrylic polymeric resin (used in a restoration performed during the 1960s) was also successfully removed from Renaissance wall paintings decorating the Santa Maria della Scala Sacristy in Siena, Italy. The isothermally rheoreversible gel approach described in this work represents a new, highly versatile, and very efficient method for removing aged surface patinas from works of art. 相似文献
19.
Giacomo Cipriani Antonella Salvini Luigi Dei Azzurra Macherelli Francesco Saverio Cecchi Carlo Giannelli 《Journal of Cultural Heritage》2009,10(3):388-395
The cross-linking processes of three drying oils (poppy, linseed, walnut), a class of organic compounds very important in the field of artworks, were studied by means of 1H-NMR spectroscopy, following the change of the protons signals when oils are heated at 60 °C in the presence of air or nitrogen gas. This preliminary information is particularly important to identify the presence of drying oils within a solid painting film. We demonstrated that it was possible to study these films by swollen-state NMR, an innovative spectroscopy method that can directly analyze very small semisolid samples instead of solutions. The main advantages of this method are the short time of analysis, the possibility to analyze samples without any preliminary treatment, and the small quantity of the sample required. Therefore, swollen-state NMR technique was used to characterize three real painting films: in this way, we succeeded in recognizing in real paintings specimens the presence of drying oils employed as binders, avoiding any interferences due to other organic compounds acting as binding agents, like waxes or egg-yolk media. 相似文献
20.
Micro-Raman is a spectroscopic technique that allows the identification of painting materials even if finely grained and mixed with others, dispersed in a binder or layered on surfaces. It is used for non-destructive, in situ measurements and it is suitable for selective studies on inhomogeneous materials or surface investigations. Some examples are described of the use of this technique in the field of art conservation and diagnostics, with regard to pigments, dyes and some products of metal alteration. Raman spectra obtained on standard painting materials were arranged in a database and published on the Web. 相似文献