@article{48525,
      author = {Cuntz, Alexander. and Sahli, Matthias,},
      url = {http://tind.wipo.int/record/48525},
      title = {Ars longa, vita brevis : The death of the creator and the  impact on exhibitions and auction markets ; Economic  Research Working Paper No. 76/2023.},
      abstract = {This paper studies the death effect on artists’  exhibitions and commercial success in the secondary art  market. Based on a random sample of 1’000 popular artists  born after the turn of the 20th century, we construct a  novel panel data set of their worldwide exhibition history  and auction transactions. By applying a regression  discontinuity and event study design, we find an overall  negative effect of artist death on the number of  exhibitions. However, this post mortem effect disappears in  longer term. Roughly ten years after death, exhibitions are  back to pre-death levels. Arguably, transaction cost and  higher auction prices after death also temporarily increase  the average cost of exhibiting artworks, e.g. higher market  valuation raises (unobserved) insurance cost for  exhibitions. Hedonic auction price models confirm this  intuition and suggest a significant price premium  posthumously. We find substantial heterogeneity in the  treatment depending on the age and reputation of the artist  at death. Overall findings explain important mechanisms for  the post mortem value of artistic work and have important  policy implications for the creative sectors and the design  of legacy stewardship rules, including a possible  justification for rights granted post mortem such as  copyright.},
      doi = {https://doi.org/10.34667/tind.48525},
      recid = {48525},
      pages = {40 pages ;},
}