Public choice in the tertiary art market |
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| Authors: | Leslie Singer Gary Lynch |
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| Institution: | (1) Division of Business and Economics, Indiana University Northwest, Gary, IN, U.S.A. |
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| Abstract: | InMaking the Mummies Dance, Thomas Hoving, former director of the Metropolitan Museum of Art, articulates a blistering defense of his, admittedly minority, view; namely, that trading directly with dealers when selling deaccessioned works of art or adding to museum collections is preferable to buying and selling in the open auction market (Hoving, 1992). Hoving has been severely criticized for his trades during his tenure at the Metropolitan, as well as for his assessment of the market for fine arts, which runs counter to the prevailing views held by many American public officials, professional art critics and museum boards. We shall present a theoretical model in support of Hoving's argument that trades made at auctions may not serve the public interest. We shall also statistically investigate the stochastic processes which characterize the tertiary art market. |
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| Keywords: | Art markets speculation pricing public choice uncertainty cointegration |
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