The winner-take-all contemporary art market
This paper investigates the way the contemporary art market works through a quantitative analysis of a sample of the most famous contemporary artists in the world. It empirically confirms Rosen's superstar model and the phenomenon of density dependence proposed by Adler. Results on the sample s...
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| Published in: | Creative industries journal 2016-01, Vol.9 (1), p.1-14 |
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| Main Authors: | , |
| Format: | Article |
| Language: | eng |
| Subjects: | |
| Online Access: | Get full text |
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| Summary: | This paper investigates the way the contemporary art market works through a quantitative analysis of a sample of the most famous contemporary artists in the world. It empirically confirms Rosen's superstar model and the phenomenon of density dependence proposed by Adler. Results on the sample show that: (1) the contemporary art market is a winner-take-all market subject to network effects; (2) the artist's international prestige increases with the number of collections; and (3) the contemporary art market is driven by the economy of attention where trend-setters foster the star system. |
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| ISSN: | 1751-0694 1751-0708 |