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on Cultural Economics |
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Issue of 2024–11–25
four papers chosen by Roberto Zanola, Università degli Studi del Piemonte Orientale |
| By: | Federico Etro; Elena Stepanova |
| Abstract: | We study art trade in New York between 1870 and 1970, analyzing returns on investment by the renowned Knoedler gallery to shed light on the evolution of the American art market. A generalist art gallery should allocate investments to equalize their expected returns, with differences in effective returns depending on purchase prices, number of traded works per artists, search costs and shocks. We confirm these principles and find that the returns were higher in booms, after the death of artists or solo exhibitions at the gallery, and lower for artworks in stock for a longer time. A main interest in the story of the leading gallery of New York is in its intertwining with the history of American art over a century. We find that the returns on European old masters follow an inverse-U shape with a peak during WWI and a subsequent decline, while the returns on American modern artists keep increasing for the entire century: this is consistent with a shift in demand toward American art that was instrumental to promote the development of the New York school. |
| Keywords: | Art dealing, Art collectors, American art |
| JEL: | Z11 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:frz:wpaper:wp2024_21.rdf |
| By: | Maria Giovanna Brandano (Gran Sasso Science Institute); Giulia Urso (Gran Sasso Science Institute) |
| Abstract: | Cultural and Creative Industries (CCIs) have been variously seen as a stimulus for urban and regional development. Interestingly, in the U.K. and other EU countries, they have been one of the few sectors that have weathered the storm of the 2008 Great Recession. Starting from the curiosity that these premises arise given the paucity of studies on the Italian CCIs, we analyze the resilience of the sector in the face of that economic shock to ascertain whether this was the case also in Italy. We use data from the Aida-Bureau van Dijk database on more than 181, 000 enterprises for the period 2010-2018. The number of employees and that of cultural and creative enterprises is gathered for 18 Nace Rev.2 sectors, to disentangle the contribution of each sub-sector to the growth of the industry. Information is available at the firm level, but we use it at NUTS-3 one. Using a System Generalized Method of Moments (GMM-SYS) approach, and controlling for some socioeconomic characteristics, we examine the determinants of the CCIs growth in the post-shock period, ultimately contributing to the still under-explored debate on the resilience of the sector in Italy also accounting for macro-regional and peripherality effects. |
| Keywords: | CCIs; Resilience; Great Recession; Italy; Dynamic panel |
| JEL: | L8 R12 C33 |
| Date: | 2022–11 |
| URL: | https://d.repec.org/n?u=RePEc:ahy:wpaper:wp34 |
| By: | Gwenaëlle Prigent (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur, UniCA - Université Côte d'Azur) |
| Abstract: | This article examines the impact of crises on cultural and creative entrepreneurs (CCEs) and their entrepreneurial ecosystem. Through a qualitative study based on semi-structured interviews (n=21), we explore the reactions of CCEs to crises, as well as the evolution of their ecosystem. Entrepreneurs in this field face specific injunctions during crises, requiring a deep understanding to support them effectively. In this perspective, this research aims to answer the following questions: How do CCEs react to crises? To what extent does the entrepreneurial ecosystem evolve in response to the injunctions induced by crises? The results reveal a diversity of reactions from entrepreneurs, ranging from opportunism to conviction, including wait-and-see attitudes, in the face of challenges posed by crises such as the COVID-19 crisis and the climate crisis. These reactions reflect various strategies to address challenges while exploring the opportunities presented by crises. In conclusion, this article contributes to a better understanding of the dynamics of cultural and creative entrepreneurship in a context of constant change, offering perspectives for the development of policies and support programs adapted to the specific needs of these entrepreneurs. |
| Abstract: | Cet article examine l'impact des crises sur les entrepreneurs culturels et créatifs (ECC) et leur écosystème entrepreneurial. À travers une étude qualitative basée sur des entretiens semi-directifs (n=21), nous explorons les réactions des ECC face aux crises, ainsi que l'évolution de leur écosystème. Les entrepreneurs de ce domaine sont confrontés à des injonctions spécifiques en période de crise, nécessitant une compréhension approfondie pour les soutenir efficacement. Dans cette perspective, cette recherche propose de répondre à la problématique suivante : Comment les ECC réagissent aux crises ? Dans quelle mesure l'écosystème entrepreneurial évolue en réponse aux injonctions induites par les crises ? Les résultats révèlent une diversité de réactions des entrepreneurs, allant de l'opportunisme à la conviction en passant par l'attentisme, face aux défis posés par les crises telles que la crise du COVID-19 et la crise climatique. Ces réactions reflètent des stratégies variées pour faire face aux défis tout en explorant les opportunités offertes par les crises. En conclusion, cet article contribue à une meilleure compréhension des dynamiques de l'entrepreneuriat culturel et créatif dans un contexte de changement constant, offrant des perspectives pour le développement de politiques et de programmes de soutien adaptés aux besoins spécifiques de ces entrepreneurs. |
| Keywords: | Entrepreneur culturel et créatif, écosystème entrepreneurial, Crises |
| Date: | 2024–10–22 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04752724 |
| By: | Gregory J. Martin; Nicola Mastrorocco; Joshua McCrain; Arianna Ornaghi |
| Abstract: | Recent decades have seen major changes to the local media environment in the United States, with the absorption of many formerly independent local TV stations into conglomerates. Using a comprehensive dataset of acquisitions, we examine the effects of ownership by the three largest television conglomerates on local news advertising, content, and viewership. Conglomerate owners consistently increase advertising duration during local newscasts. We find large effects on stations’ coverage of local events and local politics, but the direction of these effects varies across owners. Despite these changes, viewer responses are minimal. We conclude by investigating downstream consequences on viewers’ political knowledge. |
| Keywords: | local news, consolidation, media |
| JEL: | L10 L82 D72 P00 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11356 |