Teaching Cultural Economics
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Teaching Cultural Economics

Edited by Trine Bille, Anna Mignosa and Ruth Towse

Teaching Cultural Economics is the first book of its kind to offer inspiration and guidance for teaching cultural economics through short chapters, a wide scope of knowledge and teaching cases by experienced teachers who are expert in the topic.
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Chapter 33: Art galleries as market makers

Paolo Di Caro and Isidoro Mazza

Abstract

Art quality is an elusive concept in the contemporary art market. It is difficult to find consensus even among artists. Even more difficult is to define the link between quality and price. In this context of high uncertainty, empirical observation suggests that galleries have a significant impact on the career of artists. This chapter aims at providing some useful tools for understanding and interpreting the prominent role of art galleries in today’s art markets by illustrating the reasons why the market needs intermediaries and gatekeepers such as the commercial galleries.

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