Abstract
This paper explores the market for indeterminate works of art. Our data set includes 1578 sales of fifteenth and sixteenth-century anonymous Flemish paintings, mainly collected from the Blouin Art Sales Index over the period 1955–2015. After a brief introductory section to the issue of anonymity in early modern art, and the different situations of information failure generated by anonymous paintings, the empirical part examines the supply and demand for paintings by unrecorded artists, using a hedonic pricing model. We find evidence that the degree of specification of the spatio-temporal designations given to the paintings (e.g. Flemish school, sixteenth century) affect prices differently (H1). The more specific the designation is in time and space, the more it tends to make up for the lack of information, and to positively affect the market value of anonymous paintings. When the artist name is missing, we also argue that purchasers pay greater attention to other quality signals. Four other hypotheses, which are expected to influence the buyer’s willingness to pay, are successively tested: H2) the physical condition of the painting; H3) oral or written interventions by an expert; H4) the length of the lot essay; and H5) previous attributions to named artists. The results suggest that most of these variables operate as significant pricing characteristics. We finally compare price indices of named artists, indirect names and spatio-temporal designations.
This is a preview of subscription content, log in via an institution to check access.
Similar content being viewed by others
Notes
Note that with prints, the notion of “state” is preferred when considering later reproductions of original prototypes (Lazzaro 2006).
With the exception of Euwe and Oosterlinck (2017). Note that the authors do not provide any new model specification.
See for example a painting labelled as “studio of Jacob Grimmer” (Sotheby’s London, 9 December 2010, lot 12), which previously sold at Sotheby’s as “Flemish school, seventeenth century” (17 April 1991, lot 84).
This is for example the case of an “Antwerp school, sixteenth century” sold at Sotheby’s London (14 April 2011, lot 3), which was catalogued as “Anónimo Hispano-Flamenco” in 2003.
This is for instance the case of a painting labelled as “French school, nineteenth century” valued at USD 250 and sold for 1.1 million dollars at auction in 2016. The work has since been authenticated as a genuine Allegory of the five senses by Rembrandt by the Paris-based gallery Talabardon and Gautier and was resold later in the year at TEFAF Maastricht for about 4 million.
This is the case of a small and very altered painting offered for sale by Lempertz on 19 November 2016. The works depicted the face of a bearded elderly, and were labelled “Flämischer Meister des 17. Jahrhunderts” (lot 1058), with presale estimates valued at EUR 5000 and 6000. The painting fetched the unexpected price of EUR 390,000 or more than 80 times the low estimate. An informal discussion with the director of the sale (Cologne, 10 November 2016) has revealed that Lempertz suspected some artistic connections with the Flemish Master Jacob Jordaens, but did prefer to opt for a spatio-temporal designation.
If a painting is ascribed to “Follower of Quentin Metsys” from the outset, it is unlikely that the painting to be reattributed to another significant artist. The signal is twofold: the painting was not executed in the lifetime of the artist, but evokes Metsys’s art. Conversely, the designation “Flemish art, second half of the sixteenth century” potentially opens to more diversified attribution possibilities. Note that some attributions are sometimes provided in the lot note, although the salesroom still decides to put the artwork for sale with a spatio-temporal designation.
Collections exclusively made up of anonymous paintings are rare. Max J. Friedländer’s inventory in his eleventh volume of Die altniederlandische Malerei however shows that the proportions between anonymous artworks in public and private collections are relatively equivalent (with 52 and 45 observations, respectively). During the exhibition Splendeurs du maniérisme anversois (2013), 67 anonymous artworks of 80 were loaned from private collections (83%). According to auctioneers, experts and art dealers interviewed for this research, there are however several stereotypes that explain why collectors may be reluctant to purchase APs: S1) If the artist name is missing, this would mean that the artist was not considered skillful during his lifetime; S2) without a name, there is no particular stories or anecdotes related to the artist’s life which are however valuable in the art market; S3) anonymity in art is automatically associated with lower quality; S4) as academics do not pay much attention to APs, there is no particular reason to consider APs for purchase purposes; S5) the lower market value of APs reflects their lower artistic value; S6) hedonic and monetary benefits usually expected in the art market are not possible with APs; S7) there is no investment opportunity with APs.
This assumption has been addressed during the fourth annual Ards colloquium “Current research in medieval and renaissance sculpture: Collecting Medieval Sculpture”, held in the Musée du Louvre in Paris (FR) on 23–24 November 2017. As APs, medieval sculpture is essentially anonymous. Reyburn (2014b) also suggests that there is a new wave of rich collectors in their 40s and 50s who want originality in their house and therefore buy medieval art to mix it with contemporary art.
Note that condition reports are now available on demand in major salesrooms.
This is for example the case of a “South Netherlandish School, early sixteenth century”, sold at Christie’s in 2014, which was formerly attributed to German master Albrecht Dürer (“Galeria Duca Brusche, no. 123, as Albrecht Dürer (according to an old label on the reverse”). Cf. Southern Netherlandish School, early sixteenth century, The Deposition, Christie’s Amsterdam, Old Masters, nineteenth Century and Impressionist Art, 13–14 May 2014, lot 70.
Inventory number 63.660. The painting was sold to Rosenberg and Stiebel (Palais Galliera Paris, 11 April 1962, lot 14) before being purchased by the museum on 16 May 1963.
Inventory number NG2670, acquired through Salting bequest in 1910. Note that the painting is not on display.
As demonstrated by Castellani et al. (2018), some painting attributes are also likely to affect seller’s reservation price. But although they are major signals on the auction market (Beggs and Graddy 1997), presale estimates are not included in the analysis because of their strong correlation with the five previously defined assumptions.
Note that 325 lots, or 20.8% of the sample, were ranged between lots nos 1 and 25, even if lot order is relative by definition.
Complementary tests have been done by including interaction terms between each school and each century but without leading to robust results.
This result has been confirmed during private interviews with experts at Lempertz (November 2016), Bernaerts Antwerp (January 2018), Christie’s and Sotheby’s (New York, March 2018).
Note that the taxonomy could even be further detailed but the current total number of observations prevents us from doing so.
Cf. Bruges school, fifteenth century, Portrait of Jacob Obrecht and a Female Saint, Sotheby’s New York, Important Old Master Paintings, 15 January 1993, lot 139, sold for USD 3,608,568; South Netherlandish School, circa 1500, Portrait of young lady, probably Mary of Burgundy, Sotheby’s London, Old Master Paintings Evening (Sale L07031), 04 July 2007, lot 15, estimated GBP 50,000–70,000 and sold for 1,344,382.
Note that consistent results are obtained when the sample is split up by quartile, with higher values that concentrate in the last quartile.
Note that we try to avoid talking about “well-known” masters when considering named artists. Indeed, having a name does not necessarily mean that the artist used to be renowned, or is regarded as blue-chip artist nowadays. Such a dissociation is practically impossible to make in the graph as autograph works by big names are rare in this market segment (e.g. Jan van Eyck, Rogier van der Weyden, Pieter I Bruegel, etc.).
Recently, a remarkable unfinished panel depicting the Virgin and Child with saints sold at Christie’s as “attributed to Hugo van der Goes”, a major Flemish primitive born in Ghent. The lot went for USD 8,985,000. Interestingly, this high-quality work was formerly labelled as “Unidentified Ghent (?) Master” (Ainsworth 2002, p. 75). It would have been highly instructive to compare prices if the spatio-temporal designation had been maintained by Christie’s.
From an art historical point of view, it is extremely difficult to prove that an APs was specifically executed in 1520, 1525 or 1530 or any other date.
References
Aaker, D. A. (1992). The value of brand equity. Journal of Business Strategy, 13(4), 27–32.
Aaker, J. (1997). Dimensions of brand personality. Journal of Marketing Research, 34(3), 347–356.
Agnello, R. J., & Pierce, R. (1996). Financial returns, price determinants and genre effects in American art investment. Journal of Cultural Economics, 20(4), 359–383.
Ainsworth, M. (Ed.). (2002). Early Netherlandish paintings at the crossroads. A critical look at current methodologies. New York/New Haven: Metropolitan Museum of Art/Yale University Press.
Ainsworth, M. (2005). From connoisseurship to technical art history. The Getty Conservation Institute Newsletter, 20, 4–10.
Akerlof, G. A. (1970). The market for ‘lemons’: Quality uncertainty and the market mechanism. The Quarterly Journal of Economics, 84(3), 488–500.
Alpert, F., Wilson, B., & Elliot, M. T. (1993). Price signaling: Does it ever work? Journal of Consumer Marketing, 10(4), 4–14.
Ashenfelter, O., & Graddy, K. (2003). Auctions and the price of art. Journal of Economic Literature, 41(3), 763–787.
Atakan, A. E., & Ekmekci, M. (2014). Auctions, actions, and the failure of information aggregation. The American Economic Review, 104(7), 2014–2048.
Bandle, A.-L. (2016). The sales of misattributed works at auction. Cheltenham & Northampton: Edward Elgar Publishing.
Beckert, J., & Rössel, J. (2013). The price of art. European Societies, 15(2), 178–195.
Beggs, A., & Graddy, K. (1997). Declining values and the afternoon effect: Evidence from art auctions. Journal of Economics, 28(3), 544–565.
Belke, B., et al. (2010). When a Picasso is a “Picasso”: The entry point in the identification of visual art. Acta Psychologia, 133(2), 192–202.
Bertini, M.-J. (2015). Figures de l’anonymat. De quoi Banksy est-il le nom. Une économie politique du visible. Cahiers de Narratologies, 29(1), 1–13.
Bolens, G., & Erne, L. (2011). Medieval and early modern authorship. Tubingen: Narr. Dr Gunter.
Bonus, H., & Ronte, D. (1997). Credibility and economic value in the arts. Journal of Cultural Economics, 21(2), 103–118.
Buelens, N., & Ginsburgh, V. (1993). Revisiting Baumol’s unnatural value, or art as investment as a floating crop game. European Economic Review, 37, 1351–1371.
Campbell, L. (1976). The art market in the southern Netherlands in the fifteenth century. The Burlington Magazine, 118(877), 188–198.
Campos, N. F., & Leite-Barbosa, R. (2009). Paintings and numbers: An econometric investigation of sales rates, prices, and returns in Latin American art auctions. Oxford Economic Papers, 61(1), 28–51.
Candela, G., Castellani, M., & Pattitoni, P. (2012). Tribal art market: Signs and signals. Journal of Cultural Economics, 36, 289–308.
Castellani, M., Pattitoni, P., & Scorcu, A. E. (2018). On the relationship between reserve prices and low estimates in art auctions. Journal of Cultural Economics, 49, 45–56.
Chanel, O., Gerard-Varet, L. A., & Ginsburgh, V. (1996). The relevance of hedonic price indices: The case of paintings. Journal of Cultural Economics, 20(1), 1–24.
Chastel, A. (1974). Signature et signe. Revue de l’art, 26, 12–24.
Chatterjee, K., & Samuelson, W. (1983). Bargaining under incomplete information. Operations Research, 31(5), 835–851.
Cleeremans, A., Ginsburgh, V., Klein, O., & Noury, A. (2016). What’s in a name? The effect of an artist’s name on aesthetic judgments. Empirical Studies of the Arts, 34(1), 126–139.
Coffman, R. B. (1991). Art investment and asymmetrical information. Journal of Cultural Economics, 15(2), 83–94.
Cramton, P. C. (1992). Strategic delay in bargaining with two-sided uncertainty. The Review of Economic Studies, 59(1), 205–225.
David, G., Oosterlinck, K., & Szafarz, A. (2013). Art market inefficiency. Economics Letters, 121, 23–25.
De Marchi, N., & Van Miegroet, H. J. (1996). Pricing invention: “Originals”, “copies” and their relative value in seventeenth century Netherlandish art markets. In V. Ginsburgh & P.-M. Menger (Eds.), Economics of the arts. Selected essays (pp. 27–70). Amsterdam: Elsevier.
De Marchi, N., & Van Miegroet, H. J. (Eds.). (2006). Mapping markets for paintings in Europe, 1450–1750. Turnout: Brepols.
De Patoule, B., & Van Schoute, R. (2001[1994]). (Eds). Les primitifs flamands et leur temps. Paris: La Renaissance du livre.
Dubin, J. A. (1998). The demand for branded and unbranded products. An econometric method for valuing intangible assets. In J. A. Dubin (Ed.), Studies in consumer demand econometric methods applied to market data (pp. 77–127). New York: Springer.
Dubin, J. A. (2007). Valuing intangible assets with a nested logit market share model. Journal of Econometrics, 139(2), 285–302.
Euwe, J., & Oosterlinck, K. (2017). Art price economics in the Netherlands during World War II. Journal for Art Market Studies, 1(1), 47–67.
Fincham, D. (2017). Authenticating art by valuing expertise. Mississippi Law Journal, 86, 567–626.
Friedländer, M. J. (1942). On art and connoisseurship. Boston: Beacon Press.
Ginsburgh, V., Mei, J., & Moses, M. (2006). The computation of price indices. In V. Ginsburgh & D. Throsby (Eds.), Handbook of the economics of arts and culture (pp. 947–979). Amsterdam: North Holland.
Ginsburgh, V., Radermecker, A.-S., & Tommasi, D. (2019). The implicit value of art experts: The case of Klaus Ertz and Pieter Brueghel the younger. Journal of Economic Behavior & Organization, 159, 36–50.
Ginsburgh, V., & Schwed, N. (1992). Price trends for old master’s drawings 1980–1991. The Art Newspaper.
Goetzmann, W. N. (1995). The informational efficiency of the art market. Managerial Finance, 21(6), 25–34.
Grampp, W. (1989). Pricing the priceless. Art, artists and economics. New York: Basic Books.
Guichard, C. (2010). Du ‘nouveau connoisseurship’ à l’histoire de l’art. Original et autographie en peinture. Annales. Histoire, Sciences Sociales, 65(6), 1387–1401.
Harpring, P., & Baca, H. (2010). Introduction to controlled vocabularies. Terminology for art, architecture, and other cultural works, LA, Getty Research Institute.
Henderiks, V. (2016). L’anonymat dans la peinture flamande du XVe siècle. Des maîtres aux noms d’emprunt aux collaborateurs d’atelier. In S. Douchet, & V. Naudet (Eds.). L’anonymat dans les arts et les lettres au Moyen Âge (pp. 95–105). Aix en Provence: Presses de l’université de Provence.
Hernando, E., & Campo, S. (2017a). Does the artist’s name influence the perceived value of an art work? International Journal of Arts Management, 19(2), 46–58.
Hernando, E., & Campo, S. (2017b). An artist’s perceived value: Development of a measurement scale. International Journal of Arts Management, 19(3), 33–47.
Hernandez, J. C. M., Han, X., & Kardes, F. R. (2014). Effects of the perceived diagnosticity of presented attribute and brand name information on sensitivity to missing information. Journal of Business Research, 67, 874–881.
Hoeffler, S., & Keller, K. L. (2002). Building brand equity through corporate societal marketing. Journal of Public Policy and Marketing, 21(1), 78–89.
Hunter, L. (2006). The intrepid art collector: The beginner’s guide to finding, buying, and appreciating art on a budget. New York: Three Rivers Press.
Johnson, R. D., & Levin, I. P. (1985). More than meets the eye: The effect of missing information on purchase evaluations. Journal of Consumer Research, 12(2), 169–177.
Karpik, L. (2010). Valuing the unique. The economics of singularities. Princeton: Princeton University Press.
Keen, G. (1971). The sale of works of art. A study based on the Times–Sotheby’s index. Norwich: Jarrold and Sons Ltd.
Keller, K. L. (1993). Conceptualizing, measuring, and managing customer-based brand equity. Journal of Marketing, 57(1), 1–22.
Kerrigan, F., Brownlie, D., Hewer, P., & Daza-LeTouze, C. (2011). Spinning Warhol: Celebrity brand theoretics and the logic of the celebrity brand. Journal of Marketing Management, 27(13/14), 1504–1524.
Klink, R. R. (2001). Creating meaningful new brand names: A comparison of semantic and sound symbolism imbeds. Journal of Marketing Theory and Practice, 9(2), 27–34.
Kohli, C., & LaBahn, D. W. (1997). Observations. Creating effective brand names: A study of the naming process. Journal of Advertising Research, 37(1), 67–75.
Kotler, P. H. (1991). Marketing management: Analysis, planning, implementation, and control. Englewood Cliffs, NJ: Prentice-Hall Inc.
Kotler, P., & Gertner, D. (2002). Country as brand, product, and beyond: A place marketing and brand management perspective. Journal of Brand Management, 9(4), 249–261.
Kripke, S. A. (1972). Naming and necessity. In D. Davidson & G. Harmand (Eds.), Semantics of natural langage. Boston: D. Reidel.
Lagamma, A. (1998). Authorship in African art. African Arts, 31(4), 18–23.
Lancaster, K. (1966). A new approach to consumer theory. Journal of Political Economy, 74, 132–157.
Larceneux, F. (2001). Critical opinion as a tool in the marketing of cultural products: The experiential label. International Journal of Arts Management, 3(3), 60–71.
Larceneux, F. (2003). Segmentation des signes de qualité: labels expérientiels et labels techniques. Décisions Marketing, 29(1), 35–47.
Lazzaro, E. (2006). assessing quality in cultural goods: The hedonic value of originality in Rembrandt’s prints. Journal of Cultural Economics, 30(1), 15–40.
Lazzaro, E., Moureau, N., & Sagot Duvauroux, D. (2004). From the market of copies to the market of fakes: Adverse selection and moral hazard in the market of paintings. In G. Mossetto & M. Vecco (Eds.), The economics of copying and counterfeiting (pp. 93–118). Milan: F. Angeli.
Leary, D. E. (1995). Naming and knowing: Giving forms to things unknown. Social Research, 62(2), 267–298.
Leder, H., Belke, B., Oeberst, A., & Augustin, D. (2004). A model of aesthetic appreciation and aesthetic judgments. British Journal of Psychology, 95(4), 489–508.
Leder, H., Carbon, C. C., & Ripsas, A. L. (2006). Entitling art: Influence of title information on understanding and appreciation of paintings. Acta Psychologica, 121(2), 176–198.
Lupton, S. (2005). Shared quality uncertainty and the introduction of indeterminate goods. Cambridge Journal of Economics, 29(3), 399–421.
Lyna, D., Vermeylen, F., & Vlieghe, H. (Eds.). (2009). Art auctions and dealers: The dissemination of Netherlandish art during the Ancien Régime. Turnhout: Brepols.
Maheswaran, D., Mackie, D. M., & Chaiken, S. (1992). Brand name as a heuristic cue: The effects of task importance and expectancy confirmation on consumer judgments. Journal of Consumer Psychology, 1(4), 317–336.
McAndrew, C. (Ed.). (2010). Fine art and high finance. Expert advice on the economics of ownership. New York: Bloomberg Press.
McCartney, N. (2017). Complicating authorship. Contemporary artists’ names. Performance Research, 22(5), 62–71.
Miceli, G., & Pieters, R. (2010). Looking more or less alike: Determinants of perceived visual similarity between copycat and leading brands. Journal of Business Research, 63(11), 1121–1128.
Mill, J. S. (1896). Système de logique déductive et inductive. Paris: Alcan.
Miller, R. R., & Plott, C. R. (1985). Product quality signaling in experimental markets. Econometrica, 53(4), 837–872.
Millis, K. (2001). Making meaning brings pleasure: The influence of titles on aesthetic experience. Emotion, 1(3), 320–329.
Milohnić, A. (2017). How to do things with names and signatures. On the politics of performative (re)naming. Performance Research, 22(5), 85–93.
Molino, J. (1982). Le nom propre dans la langue. Langages, 66, 5–20.
Moureau, N. (2000). Analyse économique de la valeur des biens d’art. Paris: Economica.
Mullin Vogel, S. (1999). Known artists but anonymous works: Fieldwork and art history. African Arts, 32(1), 40–55.
Muñiz, A. M., Jr., Norris, G., & Fine, A. (2014). Marketing artistic careers: Pablo Picasso as brand manager. European Journal of Marketing, 48(1/2), 68–88.
Myers, J. G. (1967). Determinants of private brand attitude. Journal of Marketing Research, 4(1), 73–81.
Nash, S. (2008). Northern renaissance art. Oxford: Oxford University Press.
Nelson, P. (1970). Information and consumer behavior. Journal of Political Economy, 78(2), 311–329.
Nemser, C. (1970). Interview with an anonymous artist. Art Education, 23(1), 32–35.
Newman, G. E., & Bloom, P. (2012). Art and authenticity: The importance of originals in judgments of value. Journal of Experimental Psychology, 141(3), 558–569.
O’Reilly, D., & Kerrigan, F. (2010). Marketing the arts. In D. O’Reilly & F. Kerrigan (Eds.), Marketing the arts: A fresh approach (pp. 1–5). London & New York: Routledge.
Onkvisit, S., & Shaw, J. J. (1989). The international dimension of branding: Strategic considerations and decisions. International Marketing Review, 6(3), 22–34.
Onofri, L. (2009). Old master paintings, export veto and price formation: An empirical study. European Journal of Law Economics, 28(2), 149–161.
Oosterlinck, K. (2017). Art as a wartime investment: Conspicuous consumption and discretion. Economic Journal, 127(607), 2665–2701.
Oosterlinck, K., & Radermecker, A.-S. (2019). “The master of…”. Creating names for art history and the art market. Journal of Cultural Economics, 43(1), 57–95.
Peeters, N. (Ed.). (2007). Invisible Hands? The role and status of the Painter’s journeyman in the low countries c.1450–c.1650. Leuven/Paris/Dudley: Peeters Publishers.
Preece, C., & Kerrigan, F. (2015). Multi-stakeholder brand narratives: An analysis of the construction of artistic brands. Journal of Marketing Management, 31(11/12), 1207–1230.
Preece, C., Kerrigan, F., & O’Reilly, D. (2016). Framing the work: The composition of value in the visual arts. European Journal of Marketing, 50(7/8), 1377–1398.
Radermecker, A.-S. (2018). De l’usage maladroit de la signature d’artiste dans les études économiques. Koregos. Revue encyclopédique et multimédia des arts, 226. http://www.koregos.org/fr/anne-sophie-radermecker-signature-marche-art/. Accessed May 18, 2018.
Renneboog, L., & Spaenjers, C. (2011). The iconic boom in modern Russian art. Journal of Alternative Investments, 13(3), 67–80.
Renneboog, L., & Spaenjers, C. (2013). Buying beauty: On prices and returns in the art market. Management Science, 59(1), 36–53.
Reyburn, S. (2014a). For old masters, it’s all about the name. The New York Times. http://www.nytimes.com. Accessed May 28, 2018.
Reyburn, S. (2014b, December 22). Medieval art finds niche market. New York Times.
Rizzi, A., & Griffiths, J. (2016). The renaissance of anonymity. Renaissance Quarterly, 69(1), 200–212.
Robertson, K. (1989). Strategically desirable brand name characteristics. Journal of Consumer Marketing, 6(4), 61–71.
Robertson, I. (Ed.). (2005). Understanding international art market and management. London: Routledge.
Rose, F. (1999). The economics, concept, and design of information intermediaries: a theoretic approach. Heidelberg, Physica-Verlag.
Russel, P. A. (2003). Effort after meaning and the hedonic value of paintings. British Journal of Psychology, 94(1), 99–110.
Russel, P. A., & Milne, S. (1997). Meaningfulness and the hedonic value of paintings: Effects on titles. Empirical Studies of the Arts, 15(1), 61–73.
Schroeder, J. E. (2005). The artist and the brand. European Journal of Marketing, 39(11–12), 1291–1305.
Schroeder, J. E., & Salzer-Mörling, M. (2006). Rethinking identity in brand management. In J. E. Schroeder & M. Salzer-Mörling (Eds.), Brand culture (pp. 118–135). London: Routledge.
Smallwood, D., & Conlisk, J. (1979). Product quality in markets where consumers are imperfectly informed. The Quarterly Journal of Economics, 93(1), 1–23.
Sogn-Grundvag, G., & Jens Østli, J. (2007). Consumer evaluation of unbranded and unlabelled food products. The case of bacalhau. European Journal of Marketing, 43(1/2), 213–228.
Specht, S. M. (2010). Artists’ statements can influence perceptions of artwork. Empirical Studies of the Arts, 28(2), 193–206.
Spence, M. (1973). Job market signaling. The Quarterly Journal Economics, 87(3), 355–374.
Spence, M. (1974). Competitive and optimal responses to signals: An analysis of efficiency and distribution. Journal of Economic theory, 7(3), 296–332.
Spence, M. (2002). Signaling in retrospect and the informational structure of markets. The American Economic Review, 92(3), 434–459.
Spencer, R. (Ed.). (2005). The expert vs the object. Judging fakes and false attributions in the visual arts. Oxford: Oxford University Press.
Throsby, D. (2003). Determining the value of cultural goods: How much (or how little) does contingent valuation tells us? Journal of Cultural Economics, 27(3/4), 275–285.
Triplett, J. (2004). Handbook on hedonic indexes and quality adjustments in price indexes: Special application to information technology products. OECD Science, Technology and Industry working papers, no. 2004/09, OECD Publishing, Paris. http://dx.doi.org/10.1787/643587187107. Accessed May 23, 2018.
Tummers, A., & Jonckheere, K. (2008). Art market and connoisseurship, a closer look at paintings by Rembrandt, Rubens and their contemporaries. Amsterdam: Amsterdam University Press.
Van den Brink, P., et al. (2005). ExtravagAnt! A forgotten chapter of antwerp painting. 1500–1530. Exhib. cat., Antwerp/Maastricht: KMSK/Bonnefantenmuseum.
Van Horen, F., & Pieters, R. (2013). Preference reversal for copycat brands: Uncertainty makes imitation feel good. Journal of Economic Psychology, 37, 54–64.
Van Miegroet, H. J. (2017). Creating attributability with the five senses of Jan Brueghel the younger. In D. Taylor Cashion, H. Luttikhuizen, & A. D. West (Eds.), The primacy of the image in northern European art, 1400–1700. Essays in honor of Larry Silver (pp. 487–499). Leiden/Boston: Brill.
Vassiliou, K. (2017). Anonymous art reconsidered: Anonymity and the contemporary art institution. Journal of Aesthetics & Culture, 9(1), 1302709. https://doi.org/10.1080/20004214.2017.1302709.
Veblen, T. (1970 [1899]). Théorie de la classe de loisir. Paris: Gallimard.
Vermeylen, F. (2003). Paintings for the market: Commercialization of art in Antwerp’s golden age. Turnhout: Brepols.
Vézilier-Dussart, S. (2013). Splendeurs du maniérisme en Flandre: 1500–1575. Gent: Snoeck Publishers.
Wankhade, L., & Dabade, B. (2010). Quality uncertainty due to information asymmetry. In L. Wankhade et al. (Eds.), Quality uncertainty and perception (pp. 13–25). Springer: Physica Verlag (Contributions to Management Science).
Weinberger, M., & Dillon, W. (1980). The effects of unfavorable product rating information. NA Advances in Consumer Research, 7(1), 528–532.
Witkowska, D. (2014). An application of hedonic regression to evaluate prices of Polish paintings. International Advances in Economic Research, 20(3), 281–293.
Wood, C. (1997). The great art boom, 1970–1997. Weybridge: Art Sales Index Ltd.
Woodham, D. (2017). Art collecting today: Market insights for everyone passionate about. Allworth: Simon and Schuster.
Yorkston, E., & Menon, G. (2004). A sound idea: Phonetic effects of brand names on consumer judgments. Journal of Consumer Research, 31(1), 43–51.
Funding
This study was supported by Fonds De La Recherche Scientifique—FNRS.
Author information
Authors and Affiliations
Corresponding author
Ethics declarations
Conflict of interest
The author declares that she has no conflict of interest.
Additional information
Publisher's Note
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
Appendices
Appendix 1
See Table 7.
Appendix 2
See Table 8.
Appendix 3
See Table 9.
Appendix 4
See Table 10.
Appendix 5
Appendix 6
Rights and permissions
About this article
Cite this article
Radermecker, AS.V.E. Artworks without names: an insight into the market for anonymous paintings. J Cult Econ 43, 443–483 (2019). https://doi.org/10.1007/s10824-019-09344-5
Received:
Accepted:
Published:
Issue Date:
DOI: https://doi.org/10.1007/s10824-019-09344-5