The Impact of Museum Purchase on the Auction Prices of Paintings |
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| Authors: | Werner W Pommerehne Lars P Feld |
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| Institution: | (1) University of Saarland, F.R.G.;(2) University of Zurich, Switzerland;(3) University of St. Gallen, Switzerland |
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| Abstract: | This study examines how art museums purchasing policy influences the auction prices ofpaintings. Using a cross section of non-speculativetransactions during the period 1820–1970, we findconsiderable empirical support for the hypothesisthat public museums outside the U.S. pay above averageprices in auction markets providing higher thanaverage yields to private sellers. The typical U.S.private museums appear to be more restricted byfinancial constraints and the development of thegeneral economic conditions than their publiccounterparts. |
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| Keywords: | tertiary art markets private and public museums purchases" target="_blank">gif" alt="lsquo" align="BASELINE" BORDER="0"> purchases |
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