By Ruth Towse
The second one variation of this broadly acclaimed and largely pointed out selection of unique contributions by means of expert authors displays alterations within the box of cultural economics during the last 8 years. completely revised chapters along new subject matters and participants convey the instruction manual brand new, considering new study, literature and the effect of latest applied sciences within the inventive industries.
The ebook covers a number of themes encompassing the inventive industries in addition to the economics of the humanities and tradition, and comprises chapters on: the economics of artwork (including auctions, markets and prices), artists’ labour markets, creativity and the artistic economic climate, cultural districts, cultural price, globalization and overseas exchange, the net, media economics, museums, non-profit companies, opera, functionality signs, appearing arts, publishing, law, tax expenses and welfare economics.
This hugely counseled reference device can be warmly welcomed on quite a lot of classes within the fields of economics, enterprise, administration, arts administration and cultural and media experiences.
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Additional resources for A handbook of cultural economics
It is likely that following the financial crisis of 2007–08, the size of the market has shrunk. Indicatively, price levels for contemporary art at auction decreased by 27 per cent between January and December 2008 (McAndrew, 2009; Artprice, 2009). As in previous bust periods, auction houses have reported higher rates of lots that remain unsold. Motives of buyers Three different motivational categories can be distinguished for buyers within art markets. Some are primarily motivated by reasons directly related to the work of art itself: people may buy art because they find it aesthetically pleasing, because they seek to decorate their interior, or because they have a profound artistic interest and are building up a collection of artworks.
Maskin, Eric and John Riley (1984), ‘Optimal Auction with Risk Averse Buyers’, Econometrica, November, 52, 1473–518. Mei, Jianping and Michael Moses (2005), ‘Vested Interest and Biased Price Estimates: Evidence from an Auction Market’, Journal of Finance, 60, 2409–36. Milgrom, Paul R. (1989), ‘Auctions and Bidding: A Primer’, Journal of Economic Perspectives, 3 (3), 3–22. Milgrom, Paul R. and Robert J. Weber (1982), ‘A Theory of Auctions and Competitive Bidding’, Econometrica, September, 50, 1089–122.
1987), From Prints to Posters: The Production of Artistic Value in a Popular World’, Symbolic Interaction, 10 (1), 111–28. Fitzgerald, Michael C. (1995), Making Modernism. Picasso and the Creation of the Market for TwentiethCentury Art, New York: Farrar, Straus and Giroux. Gimpel, René (1987), Diary of an Art Dealer, New York: Farrar, Straus and Giroux. Goldstein, Malcolm (2000), Landscape With Figures. A History of Art Dealing in the United States, Oxford: Oxford University Press. Klein, Ulrike (1994), The Business of Art Unveiled.
A handbook of cultural economics by Ruth Towse