Abstract
Artists, auctioneers, art galleries, curators, collectors and authorities all elaborate strategies, the cornestone of which is the complex logic of the art market. Since the value of the works of art is not linked with production costs or income of firms, price fluctuation is very unpredictable (Baumol, 1986). Businessmen generally estimate that the art market could surely provide an average profit but this market is so unstable that it discourages cautious investors. In this sector, rumours play a bigger part than anywhere else. The acts of some key people are considered as signals that give direction to the market and they are then amplified by many “relay-participants”.
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© 1992 Springer-Verlag Berlin Heidelberg
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Sagot-Duvaroux, D., Pflieger, S., Rouget, B. (1992). Factors Affecting Price on the Contemporary Art Market. In: Towse, R., Khakee, A. (eds) Cultural Economics. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-77328-0_11
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DOI: https://doi.org/10.1007/978-3-642-77328-0_11
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