IDEAS home Printed from https://ideas.repec.org/p/eca/wpaper/2013-250025.html
   My bibliography  Save this paper

The Implicit Value of Arts Experts: the Case of Klaus Ertz and Pieter Brueghel the Younger

Author

Listed:
  • Anne-Sophie Radermecker
  • Victor Ginsburgh
  • Denni Tommasi

Abstract

Pieter Brueghel the Younger (c. 1564/65 – 1637/38) is a well-known painter who reproduced the works of his celebrated father Pieter Bruegel the Elder (c. 1525/30-1569). We collected the sales of his original works as well as those from his atelier and followers over the period 1972-2015 and compare the prices of two categories of works: his autograph works, and all others, whether partly autograph or untouched by him. Confusion among the types was floating around, since the same compositions exist in many versions and dimensions, and were probably even executed by different painters. In 1997-1998, the German independent art historian Klaus Ertz curated a large itinerant exhibition in four European countries dedicated to Pieter the Younger. At the time, it was known that he was working on a catalogue raisonné (CR) of the painter to which he referred substantially, though it came out in 2000 only. We use difference-in-differences estimation to establish that the exhibitions and the information concerning the catalogue had a significant effect on the prices of autograph works. Though we cannot judge whether Ertz’s attributions are right or not, it seems that buyers started feeling more confident, since they were ready to pay roughly 60 percent more for works considered autograph after the late 1990s.

Suggested Citation

  • Anne-Sophie Radermecker & Victor Ginsburgh & Denni Tommasi, 2017. "The Implicit Value of Arts Experts: the Case of Klaus Ertz and Pieter Brueghel the Younger," Working Papers ECARES ECARES 2017-17, ULB -- Universite Libre de Bruxelles.
    • Handle: RePEc:eca:wpaper:2013/250025
    as

    Download full text from publisher

    File URL: https://dipot.ulb.ac.be/dspace/bitstream/2013/250025/3/2017-17-RADERMECKER_GINSBURGH_TOMMASI-implicit.pdf
    File Function: Full text for the whole work, or for a work part
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Victor Ginsburgh & David Throsby, 2006. "Handbook of the economics of art and culture," ULB Institutional Repository 2013/1673, ULB -- Universite Libre de Bruxelles.
    2. Victor Ginsburgh & Sheila Weyers, 2010. "On the formation of canons :The dynamics of narratives in art history," ULB Institutional Repository 2013/151575, ULB -- Universite Libre de Bruxelles.
    3. Victor Ginsburgh & Jianping Mei & Michael Moses, 2006. "On the computation of art indices in art," ULB Institutional Repository 2013/7290, ULB -- Universite Libre de Bruxelles.
    4. Victor Ginsburgh & Pierre-Michel Menger, 1996. "Economics of the arts: selected essays," ULB Institutional Repository 2013/1655, ULB -- Universite Libre de Bruxelles.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Francesco Angelini & Massimiliano Castellani, 2019. "Cultural and economic value: a critical review," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 43(2), pages 173-188, June.
    2. Anne-Sophie V. E. Radermecker, 2019. "Artworks without names: an insight into the market for anonymous paintings," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 43(3), pages 443-483, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Luc Renneboog & Christophe Spaenjers, 2013. "Buying Beauty: On Prices and Returns in the Art Market," Management Science, INFORMS, vol. 59(1), pages 36-53, February.
    2. William N. Goetzmann & Luc Renneboog & Christophe Spaenjers, 2011. "Art and Money," American Economic Review, American Economic Association, vol. 101(3), pages 222-226, May.
    3. Jianping Mei & Michael A. Moses & Zur B. Shapira & Lawrence J. White, 2010. "Loss Aversion? What Loss Aversion? Some Surprising Evidence from the Art Market," Working Papers 10-10, New York University, Leonard N. Stern School of Business, Department of Economics.
    4. Jenny Rae Hawkins & Viplav Saini, 2014. "Returns on Indian Art during 2000-2013," ACEI Working Paper Series AWP-03-2014, Association for Cultural Economics International, revised Jun 2014.
    5. Victor Ginsburgh, 2013. "Mark Blaug and the economics of the arts," Chapters, in: Marcel Boumans & Matthias Klaes (ed.), Mark Blaug: Rebel with Many Causes, chapter 15, pages 208-224, Edward Elgar Publishing.
    6. David, Géraldine & Li, Yuexin & Oosterlinck, Kim & Renneboog, Luc, 2021. "Art in Times of Crisis," Discussion Paper 2021-026, Tilburg University, Center for Economic Research.
    7. Bocart, Fabian & Hafner, Christian, 2012. "Volatility of price indices for heterogeneous goods," LIDAM Discussion Papers ISBA 2012019, Université catholique de Louvain, Institute of Statistics, Biostatistics and Actuarial Sciences (ISBA).
    8. Ginsburgh, Victor & Radermecker, Anne-Sophie & Tommasi, Denni, 2019. "The effect of experts’ opinion on prices of art works: The case of Peter Brueghel the Younger," Journal of Economic Behavior & Organization, Elsevier, vol. 159(C), pages 36-50.
    9. Belma Öztürkkal & Aslı Togan-Eğrican, 2020. "Art investment: hedging or safe haven through financial crises," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 44(3), pages 481-529, September.
    10. Victor Ginsburgh, 2016. "On Judging Art and Wine," Working Papers ECARES ECARES 2016-21, ULB -- Universite Libre de Bruxelles.
    11. Alessia Crotta & Filip Vermeylen, 2020. "Does nudity sell? An econometric analysis of the value of female nudity in Modigliani portraits," ACEI Working Paper Series AWP-02-2020, Association for Cultural Economics International, revised Dec 2020.
    12. Bocart, Fabian Y.R.P. & Hafner, Christian M., 2012. "Econometric analysis of volatile art markets," Computational Statistics & Data Analysis, Elsevier, vol. 56(11), pages 3091-3104.
    13. Alan Beggs & Kathryn Graddy, 2008. "Failure to meet the reserve price: the impact on returns to art," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 32(4), pages 301-320, December.
    14. Dominik Filipiak & Agata Filipowska, 2016. "Towards data oriented analysis of the art market: survey and outlook," "e-Finanse", University of Information Technology and Management, Institute of Financial Research and Analysis, vol. 12(1), pages 21-31, June.
    15. Kompa Krzysztof & Witkowska Dorota, 2014. "Construction Of Hedonic Price Index For The “Most Liquid” Polish Painters," Folia Oeconomica Stetinensia, Sciendo, vol. 14(2), pages 76-100, December.
    16. Caballer Mellado, V. & De La Poza, E., 2010. "La Numismática como objeto de inversión y valoración/Numismatics as an object of investment and valuation," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 28, pages 475(22á.)-4, Agosto.
    17. A. Collins & A. E. Scorcu & R. Zanola, 2007. "Sample Selection Bias and Time Instability of Hedonic Art Price Indexes," Working Papers 610, Dipartimento Scienze Economiche, Universita' di Bologna.
    18. Renneboog, L.D.R. & Spaenjers, C., 2009. "The Iconic Boom in Modern Russian Art," Other publications TiSEM 65d8bb74-3d8e-4db1-aa02-4, Tilburg University, School of Economics and Management.
    19. repec:hum:wpaper:sfb649dp2012-039 is not listed on IDEAS
    20. Ventura Charlin & Arturo Cifuentes, 2014. "Towards a Monotonicity-Compliant Price Index for the Art Market," Papers 1404.5203, arXiv.org.
    21. Dimson, Elroy & Spaenjers, Christophe, 2011. "Ex post: The investment performance of collectible stamps," Journal of Financial Economics, Elsevier, vol. 100(2), pages 443-458, May.

    More about this item

    Keywords

    diff-in-diffs identification; prices; Brueghel family; exhibitions; catalohue raisonné;
    All these keywords.

    JEL classification:

    • C59 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Other
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eca:wpaper:2013/250025. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Benoit Pauwels (email available below). General contact details of provider: https://edirc.repec.org/data/arulbbe.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.