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000048525 0247_ $$2doi$$a10.34667/tind.48525
000048525 035__ $$aWIPO/PUB/ECONSTAT/WP/76/EN
000048525 035__ $$a(OCoLC)1411270452
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000048525 041__ $$aeng
000048525 1001_ $$aCuntz, Alexander.$$eauthor.
000048525 24510 $$aArs longa, vita brevis :$$bThe death of the creator and the impact on exhibitions and auction markets ; Economic Research Working Paper No. 76/2023.
000048525 264_1 $$aGeneva, Switzerland :$$bWorld Intellectual Property Organization,$$c2023.
000048525 300__ $$a40 pages ;$$c[28] cm.
000048525 336__ $$atext$$2rdacontent
000048525 337__ $$acomputer$$2rdamedia
000048525 338__ $$aonline resource$$bcr$$2rdacarrier
000048525 4901_ $$aEconomics Working Papers,$$x2957-8256 ;$$vNo. 75/2023
000048525 520__ $$aThis paper studies the death effect on artists’ exhibitions and commercial success in the secondary art market. Based on a random sample of 1’000 popular artists born after the turn of the 20th century, we construct a novel panel data set of their worldwide exhibition history and auction transactions. By applying a regression discontinuity and event study design, we find an overall negative effect of artist death on the number of exhibitions. However, this post mortem effect disappears in longer term. Roughly ten years after death, exhibitions are back to pre-death levels. Arguably, transaction cost and higher auction prices after death also temporarily increase the average cost of exhibiting artworks, e.g. higher market valuation raises (unobserved) insurance cost for exhibitions. Hedonic auction price models confirm this intuition and suggest a significant price premium posthumously. We find substantial heterogeneity in the treatment depending on the age and reputation of the artist at death. Overall findings explain important mechanisms for the post mortem value of artistic work and have important policy implications for the creative sectors and the design of legacy stewardship rules, including a possible justification for rights granted post mortem such as copyright.
000048525 542__ $$fCC BY 4.0
000048525 650_0 $$aArtists.
000048525 650_0 $$aCopyright.
000048525 650_0 $$aMuseums.
000048525 650_0 $$aExhibitions.
000048525 650_0 $$aArtworks.
000048525 650_0 $$aEvent history analysis.
000048525 650_0 $$aRegression analysis.
000048525 650_0 $$aHedonic price models.
000048525 650_0 $$aAuctions.
000048525 650_0 $$aWholesale prices.
000048525 650_0 $$aIntellectual property.
000048525 7001_ $$aSahli, Matthias,$$eauthor.
000048525 7102_ $$aWorld Intellectual Property Organization
000048525 830_0 $$aEconomics Working Papers :;$$vNo. 76/2023,$$x2957-8256.
000048525 901__ $$aWIPO/PUB/ECONSTAT/WP/76
000048525 902__ $$a48525_en
000048525 903__ $$aEconomics Working Papers
000048525 904__ $$aBook
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