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Cultural Institutions and Value Formation on the Art Market: A Rent-Seeking Approach

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  • Mossetto, Gianfranco

Abstract

The formation of value in the artistic market can be specifically affected by the behavior of cultural institutions, acting on it as monopolistic quality certifiers. The rent-maximizing strategy limits quantities to sub-optimum levels and keeps prices and costs higher. This can be worsened by institutional rent-seeking. The establishment's strategies cannot always be matched through public policies because this can result in an increase of monopoly social losses and of the establishment's lobbying efforts. Copyright 1994 by Kluwer Academic Publishers

Suggested Citation

  • Mossetto, Gianfranco, 1994. "Cultural Institutions and Value Formation on the Art Market: A Rent-Seeking Approach," Public Choice, Springer, vol. 81(1-2), pages 125-135, October.
    • Handle: RePEc:kap:pubcho:v:81:y:1994:i:1-2:p:125-35
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    Cited by:

    1. Guccio, Calogero & Mazza, Isidoro, 2014. "On the political determinants of the allocation of funds to heritage authorities," European Journal of Political Economy, Elsevier, vol. 34(C), pages 18-38.
    2. Isidoro Mazza, 2011. "Public Choice," Chapters, in: Ruth Towse (ed.), A Handbook of Cultural Economics, Second Edition, chapter 51, Edward Elgar Publishing.
    3. Michael Rushton, 2000. "Public Funding of Controversial Art," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 24(4), pages 267-282, November.
    4. Kim Oosterlinck & Anne-Sophie Radermecker, 2019. "“The Master of …”: creating names for art history and the art market," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 43(1), pages 57-95, March.
    5. Manfred J. Holler & Isidoro Mazza, 2013. "Cultural heritage: public decision-making and implementation," Chapters, in: Ilde Rizzo & Anna Mignosa (ed.), Handbook on the Economics of Cultural Heritage, chapter 2, pages i-i, Edward Elgar Publishing.
    6. Kim Oosterlinck & Anne-Sophie Radermecker, 2021. "Regulation or Reputation? Evidence from the Art Market," Working Papers CEB 21-006, ULB -- Universite Libre de Bruxelles.

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