The Economics of American Art

Craufurd Goodwin, James B. Duke Professor of Economics Emeritus, Duke University The social sciences and the humanities come together in analyses of art markets, a subject of increasing interest in recent years to economists, historians, philosophers, and scholars in all fields interested in the important policy questions that are raised. This is the first major survey and integration of research that has been undertaken thus far. This book will serve as an excellent introduction for interested scholars in all fields and as a text for courses and seminars in colleges and universities.

David Throsby, Macquarie University The workings of the art market are a matter of curiosity to the general public and of vital financial interest to collectors, dealers, gallery curators and, of course, artists. This book contains a detailed account of the economics of the American art market that will be of interest to students and researchers in economics at the same time as being readily accessible to the non-technical reader. The authors, all distinguished economists, show a breadth and depth of understanding of American art that informs their empirical analysis and the discussion of their findings. Indeed the book is an exemplary illustration of the way in which economics, when competently and sensitively applied, can illuminate important aspects of the role of art in human affairs.

Neil De Marchi, Professor of Economics Emeritus, Duke University A landmark history of the art market in the United States.

Kathryn Graddy, Fred and Rita Richman Distinguished Professor in Economics, Brandeis University The approach taken by the authors to the subject matter, American Art, is unique. This book should be of keen interest to collectors of American art, firms interested in art as an investment, and students that are interested in both American Art and the economics surrounding the sales of art.

Robert B. Ekelund, Jr. is Professor and Eminent Scholar Emeritus in economics at Auburn University. John D. Jackson is Professor of Economics, Emeritus at Auburn University. Robert D. Tollison (deceased) was the J. Wilson Newman Professor Economics at Clemson University. He came to Clemson in 2003.

Preface CHAPTER 1: MARKETS, CULTURE AND AMERICAN ART CHAPTER 2: DIMENSIONS OF THE AMERICAN ART MARKET CHAPTER 3: MYSTERY OF THE ARTIST'S NATURE: CREATIVITY, AGE AND ECONOMICS CHAPTER 4: AMERICAN ART,