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Who Collects Art? An International Empirical Assessment

Author

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  • Lasse Steiner
  • Bruno S. Frey
  • Magnus Resch

Abstract

A unique recent data set covering around 3,000 private art collections and collectors is used to identify their location and composition. The largest number of private collections is located in Europe, followed by North America and Asia. The largest number of private art collections is located in the United States. The United Kingdom, Germany and Spain have more collections per capita of population. Private collectors above all assemble works by artists from North America, followed by Asian, and only then European artists. The three artists most assembled by private collectors are Warhol, Picasso and Hirst. A considerable part of the differences in the number of private collections per head between countries can be attributed to per capita income. The collection of art is mainly undertaken by persons who can afford to build up wealth also in the form of collections of art.

Suggested Citation

  • Lasse Steiner & Bruno S. Frey & Magnus Resch, 2014. "Who Collects Art? An International Empirical Assessment," CREMA Working Paper Series 2014-03, Center for Research in Economics, Management and the Arts (CREMA).
    • Handle: RePEc:cra:wpaper:2014-03
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    References listed on IDEAS

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    4. William N. Goetzmann & Luc Renneboog & Christophe Spaenjers, 2011. "Art and Money," American Economic Review, American Economic Association, vol. 101(3), pages 222-226, May.
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    More about this item

    Keywords

    Art; collections; home bias; investment; international finance;
    All these keywords.

    JEL classification:

    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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