How do we place a value on a painting, or a piece of music, or a traditional ritual? The market can determine a price in monetary terms for a variety of cultural phenomena, but how much does that tell us about the real value of these things? This book explores the tensions between economic and cultural value from a range of disciplinary viewpoints and provides many new insights into how value is constructed in contemporary society.
1. Value and valuation in art and culture: introduction and overview Michael Hutter and David Throsby; Part I. Origins of Meaning: 2. Creating value between cultures: contemporary Australian Aboriginal art Terry Smith; 3. Entertainment value: intrinsic, instrumental, and transactional Richard Shusterman; 4. Creating artistic from economic value: changing input prices and new art Michael Hutter; Part II. The Creation of Value in Artistic Work: 5. The creation of value by artists: the case of Hector Berlioz and the Symphonic Fantastique David Throsby; 6. Art, honor, and excellence in early modern Europe Elizabeth Honig; 7. Rubbish and aura: archival economics Kurt Heinzelman; Part III. Continuity and Innovation: 8. Value in Yolngu ceremonial song performance: continuity and change Steven Knopoff; 9. The ritual and the promise: why people value social ritual Lourdes Arizpe; 10. 'More than Luther of these modern days': the construction of Emerson's reputation in American culture 1882–1903 Richard Teichgraeber; Part IV. Appreciation and Ranking: 11. Quantitative approaches to valuation in the arts, with an application to movies Victor Ginsburgh and Sheila Weyers; 12. Confluence of cultural and economic values: three historical moments Neil De Marchi; 13. Agreements of judgements: Masaccio and the Chapmans Carolyn Wilde; 14. Time and preferences in cultural consumption Marina Bianchi; Part V. Cultural Policies: 15. What values should count in the arts? The tension between economic effects and cultural value Bruno Frey; 16. The public value of controversial art: the case of the Sensation exhibit Arthur Brooks; 17. Going to extremes: commerical and non-profit valuation in the U.S. arts system William Ivey.
"Well-known economists of the arts and culture join with colleagues in other social sciences and in the humanities through a series of papers that were shared, revised in light of insights and new perspectives gained from other participants, and finally brought together in this collection. Recommended." - Choice