By Bruno S. Frey
To placed the humanities & ECONOMICS subsequent to one another, as within the identify to this booklet, could be surprising to a couple readers. mustn't ever inventive paintings be freed from financial constraints, needs to it no longer lead a lifetime of its personal? And is economics now not the world of suggest advertisement dealings? This publication argues that it isn't so: the humanities & ECONOMICS move good jointly, certainly desire one another. with out a sound financial base, paintings can't exist, and with out creativity the economic system can't flourish. there's a moment means during which the humanities and Economics cross jointly, particularly within the experience of making use of financial pondering to the humanities. during the last many years, this scholarly recreation has been confirmed less than the identify of "The Economics of paintings" or "Cultural Economics". yet this can additionally sound revolting to a couple readers because it indicates an imperialistic extension of a lowly benefit-cost calculus to the area of artwork. This worry is unwarranted. to the contrary, cultural economists rigidity the social price of artwork and guard it opposed to a crude company view of paintings. instead of disregarding paintings with no direct advertisement revenue, paintings economists search methods and technique of aiding it. This booklet isn't really a textbook summarizing the achievements attained through the economics of paintings. Such books exist already, between them the author's personal, Muses and Markets, Explorations within the Economics of paintings, written together with Werner Pommerehne. VI Preface ARTS & ECONOMICS charters little identified territories.
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Additional resources for Arts & Economics: Analysis & Cultural Policy
Obviously, the idea is not to immediately sell all the paintings stored by all museums - which would, of course, depress market prices - but to slowly de-access. g. by buying a painting which fits better into that particular collection. In this context it might be argued that the museum decision makers are art historians who put a value on the paintings which differs from the market price. This is only relevant if the value attributed exceeds the market price (otherwise they would willingly sell).
Examples are Frank Lloyd Wright's Guggenheim Museum in New York; the Centre Pompidou in Paris; Mario Botta's San Francisco Museum of Modem Art; Frank Gehry's Guggenheim Museum in Bilbao, and Richard Meier's Getty Center in Los Angeles. 5. Commercialization. Superstar museums can be said to be commercialized in two respects: (a) A significant part of their income derives from the revenue from the museum bookshops and museum restaurants. (b) Superstar museums have a major impact on the local economy because the museum visitors spend money on many additional goods and services that are unrelated to the museum, such as hotel rooms or shopping.
This disequilibrium situation cannot be maintained over an extended period. Three solutions are possible: 1. The company does not survive. In this case, "art" indeed disappears, it is no longer produced. 2. The theater company is reorganized so that costs are reduced and/or demand is increased. If this means avoiding a loss and enables the company to survive, we have an example of market produced art. 3. The company covers the losses of producing the play by outside funding. Private sources, usually benefiting from tax exemptions, may directly sponsor the activity.