Economics of Art Sales

From the book Discover Your Inner Economist by Tyler Cowen. I will quote below what he calls the "market regularities" of the value of art that is transacted (bought and sold).

"For better or for worse, most people prefer art that makes them happy, or that they think will make them happy. Look at the market prices. Paintings with light colors sell better than paintings with dark colors. Happy portrait subjects sell better than widows. Horizontal pictures are easier to hang over fireplaces and sofas."

Also,
1. Landscapes can as much as triple in value when there are horses or figures in the foreground. Evidence of industry usually lowers a picture's value.
2. A still life with flowers is worth more than one with fruit. Roses stand at the top of the flower hierarchy. Chrysanthemums and lupines (seen as working class) stand at the bottom.
3) There is a price hierarchy for animals. Purebred dogs help a picture more than mongrels do. Spaniels are worth more than collies. Racehorses are worth more than cart-horses. When it comes to game birds, the following rule of thumb holds: the more expensive it is to shoot the bird, the more it adds to the value of a painting. A grouse is worth more than a mallard, and the painter should show the animal from the front, not the back.
4) Water adds value to a picture, but only if it is calm. Shipwrecks are a no-no.
5)Round and oval works are extremely unpopular with buyers.
6. An eighteenth-century Francois Boucher nude sketch of a woman can be worth more than ten times more than a comparable sketch of a man.


Fascinating stuff, huh?



I will be quoting this book a lot in the next week or so. Simply fascinating. Ill do a full review when I am finished.