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1.
This paper analyses the performance of an investment in sculpture during theperiod 1987–1995 by applying the hedonic price technique with time dummyvariables to a sample of over 27,000 sales at auctions. The main finding isthat the adjacent year price index differs substantially between theinexpensive/middle portfolio and the expensive portfolio. The first showsthe existence of a boom period until 1990, followed by a non boom period. Bycontrast, the return of an investment in the expensive portfolio performedsomewhat better during the period analysed, with the only fall in the priceindex in 1990 and 1991.  相似文献   

2.
Past studies on art investment generally have found that returns are low and risk is high. In this study we find that the return to art investment is more in line with traditional investments and thus the cost for consumption associated with art seems fairly small. Employing a large sample of paintings by 66 American artists sold at auction between 1971–1992, average returns are found to be over 9 per cent and 3 per cent in nominal and real terms, respectively. The model employs a log linear price regression estimated by pooled cross section and time series data, and allows rates of return as well as hedonic values for various painting and auction attributes to be estimated. These include size, media, age of execution, authenticity of the work, and auction month and house. In addition, rates of return are differentiated by artist, time period of investment, price range and genre of the painting. The findings indicate significant sensitivity of rates of return to these data stratifications.This paper was presented at the 9th international conference of the Association for Cultural Economics, held in Boston, May 8–11, 1996.  相似文献   

3.
This paper updates prior work by Pesando (1993) regarding art as an investment. Using world-wide auction prices for Picasso prints for the period 1977 to 1996, this paper establishes that (1) a recovery in the art market did occur in the mid-1990s, but (2) the real rate of return on this segment of the art market remains low relative to its risk. Indeed, the real rate of return is beneath that provided by U.S. Treasury Bills.  相似文献   

4.
This research presents a systematic empirical analysis of the market for digital versatile discs (DVDs). We examine a sample of 953 DVD titles that appeared on the weekly top-30 sales charts in North America over a 30-month interval. We find that the size distribution of weekly DVD sales revenue does not indicate the presence of increasing returns to information. The empirical results for DVD sales contrast starkly with previous results obtained for motion-picture box-office revenue, where a number of researchers have found evidence of positive feedback in demand. While the distribution of cumulative revenues across DVDs is highly unequal, the DVD market appears not to be characterized by the extreme heavy upper tail that so well describes the winner-take-all nature of the distribution of box-office success across motion pictures.  相似文献   

5.
While many scholars have studied the impact mergersand acquisitions have had on market concentrationlevels in various industries, few have addressed theconsumer book market, an important U.S. culturalindustry. This paper: (1) defines the consumer bookmarket; and (2) using consumer book mergers, salesdata, the U.S. Department of Justice's 1992 mergerguidelines, the Herfindahl–Hirschman Index, andfour-firm and eight-firm concentration ratios testswhether an illegal level of market concentration or aviolation of Justice's antitrust guidelines wereevident in 1995 and 1996. Data on market entrybarriers, outputs, and prices are also analyzed.  相似文献   

6.
ABSTRACT

This article examines home presales – the selling of future residential properties – at the urban fringe of Nanjing, China. It argues for an analytical focus on urgency as a temporal quality that creates the local housing market and facilitates urban accumulation. I examine how urgency, grounded in a linear imagination of urban development, motivates home presales for developers, estate agents, and homebuyers. In particular, to speed up the turnaround time of investment, developers conjure up a vision of prosperity by building extravagant sales centers to organize home presales. Estate agents working at the sales center organize promotional events to attract, register, and manage a buying crowd. If properly managed, the buying crowd could reach the size of a festival-like presale, whereby hundreds of apartments are sold within one day. Capital at the urban fringe accumulates through the synchronization of these activities in which the sales center crafts an affective temporality of transaction by cultivating and managing an exuberant buying crowd. The craft of urgency emphasizes the performative agencement that assembles the condition for urgency to come into being.  相似文献   

7.
Abstract

This study examines the personal worlds of homeless campers in Tucson, Arizona in the late 1990s to discover how the homeless contend with new sociospatial strategies of control. Tucson is typical of the dozens of U.S. cities that are attempting to evict street people from urban cores that have been rediscovered as frontiers for development and capital investment. The article draws from a year-long ethnographic case study of six campers to analyze their everyday talk and placemaking as interrelated productions of meaning. The analysis shows that the campers’ meaning making was inseparable from their material struggles to survive. They used their talk and placemaking to construct alternative homes and workplaces, an alternative, self-affirming definition of homelessness, and the foundations of a critique against the “system” of institutions producing poverty and inequality. Their meaning making constituted a “weapon of the weak” which the campers deployed to wage a kind of symbolic guerrilla war against the dominant discourse on homelessness.  相似文献   

8.
Abstract

Guided by the intergroup contact hypothesis, this study tested two models examining the associations among Korean young adults' consumption of U.S. dramas, direct contact with a U.S. American person, and their attitudes toward U.S. Americans in general. Results demonstrated that personal contact and mediated contact had a positive effect on intergroup attitudes, but that frequency of personal contact was a negative contributor. Mediated contact had different and stronger influences on participants' intergroup attitudes when they did not have personal contact with U.S. Americans. In addition, intergroup anxiety played a significant role in the contact modes and attitudes links.  相似文献   

9.
This paper proposes a price index for modern andcontemporary paintings based on estimates and auctionprices. We use this index for the evaluation of theItalian art market and for comparisons with returns onother assets. During the period 1983–1994 art pricesincreased in line with inflation but returns onpaintings were lower than returns on financial assets.In the long run art prices are unrelated to financialassets prices, but a positive correlation with realestate prices emerges.  相似文献   

10.
The Impact of Museum Purchase on the Auction Prices of Paintings   总被引：1，自引：1，他引：0  
This study examines how art museumspurchasing policy influences the auction prices ofpaintings. Using a cross section of non-speculativetransactions during the period 1820–1970, we findconsiderable empirical support for the hypothesisthat public museums outside the U.S. pay above averageprices in auction markets providing higher thanaverage yields to private sellers. The typical U.S.private museums appear to be more restricted byfinancial constraints and the development of thegeneral economic conditions than their publiccounterparts.  相似文献   

11.
Although most studies of file-sharing have concluded that file-sharing has decreased record sales, the extent of the decreased sales often seems uneven. This paper demonstrates that the results are more uniform than previously understood once a consistent metric is used to provide easy comparability across studies. This paper uses the percent of the decline in record sales that is due to file-sharing as a metric to translate the results of the literature into a common framework and then summarizes those results. What has not been previously noted is that the estimates from most studies imply that the impact of file-sharing was sufficient to have caused the entire decline in record sales that occurred from the advent of Napster up to about 2005. A smaller number of studies using post-2005 data indicate that the shift to digital formats may also have contributed to the sales decline that continued after 2005.  相似文献   

12.
This paper applies a perpetual option-pricing model in examining historical returns on paintings. A key development of the paper is formalizing a structural relationship between rational investment decisions and historical returns to art ownership. In this regard the options’ framework yields choice-theoretic implications on the relationship among risk, convenience yields from art ownership, and investor ‘hurdle prices’—prices triggering the purchase and sale of artworks at auction. The methodology offers testable implications concerning the adjustment dynamics in the relationship between historical art returns and risk-free yields. The implications are examined in a case study of paintings of major art schools using error correction methodology. We find evidence of a long-run equilibrium relationship between painting types and risk-free bond yields, and some indication of buyers and sellers preferring exchange environments not prone to “speculative resales.”
Carlos A. UlibarriEmail:
  相似文献   

13.
In this essay, the author analyzes social science thinking about the capitalist market from instrumentalism to institutionalism and the recent turn toward more cultural economics, and propose to enlarge the latter opening via the 'strong program' in cultural sociology. Nineteenth century' big thinkers' conceptualized the market as if it were entirely deracinated, based on alienation and pure calculation. The profession of economics subtracted the social critique from this dismal understanding and converted the dismal science into mathematical predictions and production functions. The new economic sociology exposed the institutional framework of market decisions, emphasizing social networks and status competition. Cultural economic sociology has challenged institutionalism, showing how social meanings, not just institutional position, determines economic value. The next step is to demonstrate that the market itself depends on cultural meanings. The strength of a market depends upon narrative projections of future economic conditions. An optimistic scenario creates confidence and sparks investment. A pessimistic narrative creates fear and leads investors keep their money tight. Confidence in the future depends on constructions of 'character': will economic actors constrain themselves by acting in a sober and moral way or will they be hedonistic, indulging in short-term satisfaction? This cultural-sociological theory is illustrated with reference to Keynes' General Theory about the 1930s Great Depression and U.S. Federal Reserve chairman Ben Bernanke's policy vis-à-vis the current Great Recession.  相似文献   

14.
Using data published by Opera America, this paperexamines the aggregate repertory of U.S.companies by calculating the total numberof companies and productions at six dates; thenumber of 20th century operas produced; theDiMaggio–Stenberg Index of conformity; andthe Herfindahl index of concentration. It is shownthat opera is a growth industry, butchanges in the character of repertory over timesuggest that since the early 1990s U.S.companies have been shifting their programming towarda more popular, less demandingrepertory. Presumably, this is done to ward offfinancial pressure.  相似文献   

15.
This study uses the Academy Awards as a window to look into how cultural differences influence the reception of U.S. movies in East Asia. Following the recent research on the concept of cultural discount and the argument that the Academy Awards are indicators of cinematic qualities and achievement, the research questions focus on whether different types of cinematic qualities and achievement would be discounted by cultural differences to different extents. More specifically, a distinction between drama and non-drama awards is made, and it is argued that the cinematic qualities and achievement indicated by the drama awards are likely to be relatively more culturally specific and hence more likely to be discounted by cultural differences. The empirical analysis examines the box office performance of 585 U.S. movies from 2002 to 2007 in nine East Asian markets. It shows that non-drama awards relate positively to box office receipts, but drama awards relate negatively to box office receipts. Moreover, the negative relationship between drama awards and box office receipts is stronger in countries more culturally distant from the U.S. The findings are therefore highly supportive to the conceptual arguments. Other implications of the findings are also discussed.  相似文献   

16.
Art, along with other “treasure assets,” has become a central object for investment opportunities. Investment return studies using hedonic and resale price regressions on different artistic periods and styles produce estimates of varying rates of return, predominately low rates with high standard deviations. The present study employs a new sample of American art sold at auction between 1987 and 2011—art created before 1950 by 33 artists born prior to 1900. Our study, unlike those that preceded it, considers works that are no-sales (those “bought-in” for failing to sell at auction at or above a predetermined and negotiated minimum price), in addition to full transaction costs—buyers and sellers premia on hammer prices. We conclude that investment return calculations are biased upward and may be negative when these factors are considered and that the “consumption utility” of art may be higher than previously thought. However, using a variant of the capital asset pricing model, we find that investment in early American art may still be desirable in a diversified portfolio of assets for when the price of stock assets falls, the price of art does not fall in the same proportion.  相似文献   

17.
Driven by the pressure to permanently release a large number of books, publishers have to allocate limited advertising budgets across the wide range of newly released books. As in many creative industries, publishers often focus their advertising activities on potential top sellers written by recent bestselling authors. Considering potential selection effects in choosing the “right” books for advertising, this paper investigates (1) whether selection effects exist and to what extent potential selection effects influence the relation between book advertising and book sales and (2) the boundary conditions under which book advertising leads to higher sales by focusing on the “star power” effects of authors. By applying propensity score matching to a dataset of 598 fiction books from the German book market, we identify substantial selection effects that lead to a serious overestimation of advertising effectiveness by up to 41 % (10,000 copies sold). Using group analyses, we find that sales of books written by recent bestselling authors are not significantly influenced by advertising activities of publishers; however, the sales of books written by lesser-known authors can be increased significantly if they are advertised. Our findings are highly relevant for publishers, indicating that a shift in the allocation of advertising budgets toward promising books by lesser-known authors is recommended to improve the overall advertising effectiveness.  相似文献   

18.
In this note, 30,227 paintings by fifty well-known modern and contemporary Australian artists sold at auction over the period 1973–2003 are used to construct a hedonic price index. The attributes included in the hedonic regression model include the name, age and living status of the artist, the number of works sold, the size and medium of the painting, and the auction house, month and year in which the painting was sold. The results indicate that returns on Australian modern and contemporary art averaged nearly five percent over the period with a standard deviation of sixteen percent. The results also show that a ten percent increase in the Australian stock market is associated with a 3.4 percent increase in the art market. Generally, artworks by artists deceased at the time of auction, larger works, works executed in oils, and those auctioned by Sotheby's or Christies in July or August are associated with higher prices.  相似文献   

19.
Abstract

This study explored how a cohort of Asian Indians who migrated to the U.S. nearly 40 years ago have become acculturated to the U.S. by watching American television when they first arrived. The study used two concepts of the integrative communication theory: enculturation and acculturation. The study described how these Asian Indians did not grow up watching television in India. Hence, they became enculturated into American television. This cohort also watched television to learn how to act “American,” and thus became acculturated to the U.S. Furthermore, the study created linkage between the uses and gratifications theoretical perspective and the need for acculturation.  相似文献   

20.
The recent migration of 65,000 children across the southwestern border, coupled with allegations of abuse by the U.S. Border Patrol, enables the investigation of an overlooked immigrant category: the unaccompanied youth migrant. Analyzing audience responses to news reports of the abuse, we find that established disparaging immigrant tropes apply, describing the children as an economic burden, disease carriers, and offspring of irresponsible families. We uncover two new themes: Youth migrants are channels whereby criminals may infiltrate the U.S., and manipulate legal authorities to remain in the U.S. Finally, we demonstrate how global compassion is strategically deployed to qualify harsh retaliatory measures.  相似文献   

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