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The Price of Art. Uncertainty and Reputation in the Art Field


Beckert, J; Rössel, J (2013). The Price of Art. Uncertainty and Reputation in the Art Field. European Societies, 15(2):178-195.

Abstract

How do prices for contemporary art come into being? Buyers of contemporary art face a problem of fundamental uncertainty, because what passes as quality is difficult to determine, and buyers can hardly estimate how a specific piece of art will perform as an investment. Since a market for contemporary art presupposes the possibility of at least limited rational purchasing decisions, uncertainty must be reduced. We argue that the value of an art work or artist originates in an intersubjective process of assessment and conferring of reputation by experts in the art field, such as gallery owners, curators, critics, art dealers, journalists, and collectors, who help establish the artistic reputation of a work or an artist. The quality signals emerging from the art field enable buyers to assess the economic value of art works. We tested this initial hypothesis against two datasets containing data on art prices and information from the biographies of artists.

How do prices for contemporary art come into being? Buyers of contemporary art face a problem of fundamental uncertainty, because what passes as quality is difficult to determine, and buyers can hardly estimate how a specific piece of art will perform as an investment. Since a market for contemporary art presupposes the possibility of at least limited rational purchasing decisions, uncertainty must be reduced. We argue that the value of an art work or artist originates in an intersubjective process of assessment and conferring of reputation by experts in the art field, such as gallery owners, curators, critics, art dealers, journalists, and collectors, who help establish the artistic reputation of a work or an artist. The quality signals emerging from the art field enable buyers to assess the economic value of art works. We tested this initial hypothesis against two datasets containing data on art prices and information from the biographies of artists.

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7 citations in Web of Science®
5 citations in Scopus®
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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:06 Faculty of Arts > Institute of Sociology
Dewey Decimal Classification:300 Social sciences, sociology & anthropology
Language:English
Date:2013
Deposited On:15 May 2013 13:30
Last Modified:05 Apr 2016 16:46
Publisher:Taylor & Francis
ISSN:1461-6696
Free access at:Publisher DOI. An embargo period may apply.
Publisher DOI:https://doi.org/10.1080/14616696.2013.767923
Permanent URL: https://doi.org/10.5167/uzh-77974

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