nep-cul New Economics Papers
on Cultural Economics
Issue of 2022‒01‒10
five papers chosen by
Roberto Zanola
Università degli Studi del Piemonte Orientale

  1. Which price, if we all like it? Effects of liking and emotional consensus on art prices in auctions By Marie BLUM
  2. Creativity at the Crossroads? The creative industries in Western Australia By Alfred Michael Dockery; Alan S Duncan; Abebe Hailemariam; Silvia Salazar; Richard Seymour
  3. The three stages of an auction: how do the bid dynamics influence auction prices? Evidence from live art auctions By Marie BLUM; Régis BLAZY
  4. Auction hosts: are they really impartial? By Marie BLUM
  5. La mujer a trav\'es de los personajes femeninos en el cine de tem\'atica financiera -- Women through female characters in financial topics films By I. Mart\'in-de-Santos

  1. By: Marie BLUM (LaRGE Research Center, Université de Strasbourg)
    Abstract: This paper investigates whether consensus on liking and emotion play a role in explaining art auction prices. This study fills a gap in the economics of art literature by considering subjective perceptions of artworks in addition to objective factors in art pricing models. We conduct a survey to measure the degree of consensus on liking and emotion for 124 artworks in two distinct social groups: art collectors (i.e. art market insiders, N=146) and non-collectors (i.e. art market outsiders, N=192). We focus on the comic art market, as it is one of the rare art markets in which it is relatively easy to reach collectors. We find that liking and emotional consensus are reflected in art prices but differently depending on the social group. Specifically, our results show that artworks generally achieve higher prices when they are consensually liked by insiders or eliciting positive emotions to them. However, we find that what is consensually liked by or evokes positive emotions to outsiders generally achieve lower prices at auction. This finding is remarkable as it shows that aesthetic codes and information shared among collectors do not spread to outsiders, but rather go in the opposite direction.
    Keywords: art prices, auction, emotion, liking, consensus, art expertise.
    JEL: Z11 D91 D83
    Date: 2021
  2. By: Alfred Michael Dockery (Bankwest Curtin Economics Centre (BCEC), Curtin University); Alan S Duncan (Bankwest Curtin Economics Centre (BCEC), Curtin University); Abebe Hailemariam (Bankwest Curtin Economics Centre (BCEC), Curtin University); Silvia Salazar (Bankwest Curtin Economics Centre, Curtin University); Richard Seymour (Bankwest Curtin Economics Centre (BCEC), Curtin University)
    Abstract: This report, the sixth in the Focus on Industry series provides an in-depth look at the Arts and Cultural sectors within the Western Australian economy. With the boundaries of the sector defying definition by standard statistical collections, this report takes a more conceptual view of what are broadly termed ‘creative industries’ and ‘creative workers’, covering the more traditional arts through to newly emerging creative activities, such as digital design and software development for gaming. The report explores the contributions that the creative industries sector makes to WA’s economy and society, and the strengths, opportunities and challenges faced by creative entrepreneurs and workers in this State.
    Keywords: Western Australia, WA economy, housing pathways, housing affordability, income and wealth, financial disadvantage, housing stress
    JEL: J46 L82 L86 Z1 Z11
    Date: 2021–09
  3. By: Marie BLUM (LaRGE Research Center, Université de Strasbourg); Régis BLAZY (LaRGE Research Center, Université de Strasbourg)
    Abstract: This research examines whether and how the bid dynamics influence the final price, using a unique hand-collected database gathering bid dynamics of artworks auctioned live by a human auctioneer. Specifically, we study the degree of aggressiveness of bids and the pace of the auction resulting from the succession of bids, at the three main stages of an auction. We first find that bid dynamics are not neutral towards final auction prices. In line with our theoretical framework, this result confirms the importance of bidders’ “fuzzy” reserve prices which explains why bidders adopt strategic behaviors. We then find that the auction price particularly benefits from the presence of “motivated” bidders, i.e. bidders who bid aggressively (high and quickly) to win the auction and do not seek for a bargain, especially at the beginning and end of the auction. At the end however, this positive impact of aggressive bidding may be attenuated by a despondency effect affecting some bidders. Moreover, we find that early arousal, which also contributes to provide valuable information on the artwork’s common value, boosts the price. Lastly, we show that ultimate duels between bidders increase final prices. Overall, this paper proposes a primer conceptual framework of bidders’ fuzzy reserves. This investigation contributes to the understanding of bidding behaviors by offering an easily understandable insight into bid dynamics, and by analyzing the case of live auctions of hedonic products that have received few attention until now.
    Keywords: bid dynamics, auction price, fuzzy reserve prices, auction phases, live auctions, art market.
    JEL: Z11 D44
    Date: 2021
  4. By: Marie BLUM (LaRGE Research Center, Université de Strasbourg)
    Abstract: This study explores the impacts i) of marketing strategies implemented by auction houses and ii) of auctioneers’ way of conducting auctions, on auction sale outcomes: the probability of sale, the final purchase price and the final price in percentage of the mean pre-sale estimated price. Using video recordings of art auction sales and a hand-collected database of 1101 auctioned artworks, we find firstly that the organizational and promotional work carried out by auction houses have an impact on different sale outcomes and secondly that the auctioneer’s behavior seems to be decisive, especially the usage of humor. In this paper, we provide the first examination of the influence of professional auctioneers on auction prices. This research brings a more comprehensive understanding of bidders’ behavior, the tactics through which auction houses and auctioneers affect outcomes, and the functioning of real-world auction markets. Moreover, the findings of this study yield useful managerial insights for marketers.
    Keywords: auctioneer, auction house, strategy, art market, prices.
    Date: 2021
  5. By: I. Mart\'in-de-Santos
    Abstract: Analysis and assessment of female characters in economic financial themes films that have appeared in some thirty relevant films, from the beginning of cinema, selected from various bibliographies. Descriptive, comparative and impartial study. Quantitative techniques are applied to measure the influence of women in terms of protagonism, positive values, negative values, compliance or non-compliance with the Bechdel test, and results are evaluated. It is based on two previous binding publications: Marzal et al. The crisis of the real. Representations of the 2008 financial crisis in contemporary audiovisual (2018) and Mart\'in-de-Santos, Financial administration through cinema. Analytical and critical study of the most interesting films for university education (20219. Realistic film versions are contrasted with actual events today.
    Date: 2021–12

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