The economics of art markets is an area open to econometricians, theorists, economic and art historians, labour economists, and students interested in the economic analysis of legal problems. This volume covers a number of issues including auction anomalies, the management of museums, the excess supply of labour in the performing arts, and more.

Though some important contributions are still being made to this more policy-oriented field, research has, as in many other areas of economics, shifted to less normative work.

List of contributors. Introduction. Quantitative methods in the analysis of 17th century Dutch inventories (J.M. Montias). Pricing invention: "Originals," "Copies," and their relative value in seventeenth century Netherlandish art markets (N. De Marchi, H.J. Van Miegroet). How costly is the fall from fashion? Survivorship bias in the painting market (W. Goetzmann). On long--run price comovements between paintings and prints (C. Czujack, R. Floc
res Jr., V. Ginsburgh). Price anomalies at auction: Evidence from the market for modern prints (J. Pesando, P.M. Shum). Auction theory and practice: Evidence from the market for jewellery (O. Chanel, L.--A G--Varet, S. Vincent. Experimental examination of the declining--price anomaly (C. Keser, M. Olson). The economics of legal disputes over the ownership of works of art and other collectibles (W. Landes, R. Posner). A colloquy about art museums: Economics engages museology (W. Grampp). Culture--economic analyses of art museums: a British curator's viewpoint (P. Cannon--Brookes). Special exhibitions and festivals: Culture's booming path to glory (B.S. Frey, I. Busenhart). Economics of training artists (R. Towse). Disaggregated earnings functions for artists (D. Throsby). Work and compensated unemployment in the performing arts. Exogenous and Endogenous uncertainty in artistic labour markets (P.--M. Menger, M. Gurgand).