Handbook of Cultural Economics, Third Edition
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Handbook of Cultural Economics, Third Edition

Edited by Ruth Towse and Trilce Navarrete Hernández

Cultural economics has become well established as a subject of interest for students and teachers of courses ranging from economics to arts administration as well as for policy-makers and practitioners in the creative industries. Digitisation has had a tremendous impact on many areas of the creative economy and the third edition of this popular book fully reflects it.
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Chapter 34: Intermediaries

Paolo Di Caro, Luigi Di Gaetano and Isidoro Mazza

Abstract

Intermediation is common in many markets. Intermediaries help to solve different problems that may hinder the matching between demand and supply. In the art market, galleries constitute intermediaries between collectors (buyers) and artists (sellers). Galleries perform many functions. They contribute to the success of artists, for example, by increasing the visibility of the artists (especially those at the beginning of their career) through gallery shows, and by promoting and financing institutional shows. Galleries also help the buyers to select artists by providing information, reducing searching and transaction costs. Moreover, building on their reputation they reduce uncertainty about the future of the artists they represent. These functions improve the efficiency in the art market, where network externalities are evident. Their presence substantially enhances the relevance of galleries for the performance of the art market.

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