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Entry of Painters in the Amsterdam Market of the Golden Age

Author

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  • Federico Etro

    (Department of Economics, University Of Venice C� Foscari)

  • Elena Stepanova

    (Department of Economics, Sant�Anna School of Advanced Studies, Pisa)

Abstract

We analyze the evolution of the price of paintings in the XVII century Amsterdam art market to test a hypothesis of endogenous entry: higher probability should attract more entry of painters, which in turn should lead to artistic innovations and more intense competition. We build a price index for the representative painting inventoried in Dutch houses through hedonic regressions controlling for characteristics of the paintings (size, genre, placement in the house), the owners (job, religion, value of the collection, size of the house) and the painters. After a peak at the beginning of the century, the real price of paintings decreases until the end of the century: we provide anecdotal evidence for which high initial prices attracted entry of innovators, and econometric evidence on the causal relation between price movements and entry of painters. The time series analysis supports the idea for which increasing prices attracted entry of innovative painters.

Suggested Citation

  • Federico Etro & Elena Stepanova, 2015. "Entry of Painters in the Amsterdam Market of the Golden Age," Working Papers 2015:07, Department of Economics, University of Venice "Ca' Foscari".
    • Handle: RePEc:ven:wpaper:2015:07
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    Cited by:

    1. Etro, Federico & Marchesi, Silvia & Stepanova, Elena, 2020. "Liberalizing art. Evidence on the Impressionists at the end of the Paris Salon," European Journal of Political Economy, Elsevier, vol. 62(C).
    2. Elena Stepanova, 2019. "The impact of color palettes on the prices of paintings," Empirical Economics, Springer, vol. 56(2), pages 755-773, February.
    3. Anne-Sophie V. Radermecker & Koenraad Brosens, 2023. "Valuing European tapestry: from riches to rags," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 47(3), pages 359-406, September.
    4. Federico Etro & Elena Stepanova, 2017. "Art Auctions and Art Investment in the Golden Age of British Painting," Scottish Journal of Political Economy, Scottish Economic Society, vol. 64(2), pages 191-225, May.
    5. Etro, Federico, 2024. "Art and Markets in the Greco-Roman World," The Journal of Economic History, Cambridge University Press, vol. 84(2), pages 432-478, June.
    6. Federico Etro & Elena Stepanova, 2018. "Power-Laws in Art. From Renaissance to Contemporary Art," Working Papers - Economics wp2018_20.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    7. Federico Etro & Elena Stepanova, 2017. "Art collections and taste in the Spanish Siglo de Oro," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 41(3), pages 309-335, August.
    8. Anne-Sophie Radermecker & Koenraad Brosens, 2023. "Valuing European tapestry: from riches to rags," ULB Institutional Repository 2013/371370, ULB -- Universite Libre de Bruxelles.
    9. Etro, Federico & Stepanova, Elena, 2018. "Power-laws in art," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 506(C), pages 217-220.
    10. Etro, Federico & Stepanova, Elena, 2021. "Art return rates from old master paintings to contemporary art," Journal of Economic Behavior & Organization, Elsevier, vol. 181(C), pages 94-116.
    11. Etro, Federico, 2018. "The Economics of Renaissance Art," The Journal of Economic History, Cambridge University Press, vol. 78(2), pages 500-538, June.

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    More about this item

    Keywords

    Art market; Endogenous entry; Dutch Golden Age; Hedonic prices; VAR analysis;
    All these keywords.

    JEL classification:

    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
    • N0 - Economic History - - General
    • D4 - Microeconomics - - Market Structure, Pricing, and Design

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