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The Market for Paintings in Italy During the Seventeenth Century

Published online by Cambridge University Press:  30 May 2012

FEDERICO ETRO  and
LAURA PAGANI
FEDERICO ETRO*
Affiliation:
Professor, University of Venice, Ca' Foscari, Dipartimento di Economia, Cannaregio 873, 30121 Venice, Italy. E-mail: federico.etro@unive.it.
LAURA PAGANI*
Affiliation:
Assistant Professor, University of Milan Bicocca, Dipartimento di Economia Politica, Piazza Ateneo Nuovo, 1, 20126 Milan, Italy. E-mail: laura.pagani@unimib.it.
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Abstract

We study the seventeenth-century market for figurative paintings in Italy analyzing original contracts between patrons and artists. We show that a number of supply and demand factors affected prices. We find a positive and concave relation between prices and size of paintings reflecting economies of scale. We show evidence of a positive relationship between prices and the number of figures depicted. Trade in paintings was sufficient to equalize prices between different destinations. Finally, we provide support for the Galenson hypothesis of a positive relation between age of experimental artists and quality as priced by the market.

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Type
ARTICLES
Information
The Journal of Economic History , Volume 72 , Issue 2 , 30 May 2012 , pp. 423 - 447
Copyright
Copyright © The Economic History Association 2012

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