Mapping the relationship between the primary and the secondary art market
The article endeavours to construct a model that links the gap between returns to an investment in ‘Fine Art’ and the ‘real’ price of the 'Fine Art' being traded. Thus the process used in creating shared value within the market for 'Fine Art' is examined. Art prices are usually s...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
AOSIS
2015-07-01
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| Series: | Journal of Economic and Financial Sciences |
| Subjects: | |
| Online Access: | https://jefjournal.org.za/index.php/jef/article/view/107 |
| _version_ | 1811272456568045568 |
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| author | Peter Baur Gideon Els |
| author_facet | Peter Baur Gideon Els |
| author_sort | Peter Baur |
| collection | DOAJ |
| description | The article endeavours to construct a model that links the gap between returns to an investment in ‘Fine Art’ and the ‘real’ price of the 'Fine Art' being traded. Thus the process used in creating shared value within the market for 'Fine Art' is examined. Art prices are usually set in the primary market through the auction process, which should also typically reflect an efficient way of creating shared value. As the auction process in the primary art market is not efficient; it does not create shared value as would occur in a typical free market structure. Artificial rigidities exist within the primary art market; thus the links between the primary art market and the secondary art market are shown by incorporating the concepts of the 'Value of Information' and ‘Strategic Uncertainty’ into the transmission mechanism. |
| first_indexed | 2024-04-12T22:40:34Z |
| format | Article |
| id | doaj.art-7b4dda9632ac4f96bb8f6a694e306ca6 |
| institution | Directory Open Access Journal |
| issn | 1995-7076 2312-2803 |
| language | English |
| last_indexed | 2024-04-12T22:40:34Z |
| publishDate | 2015-07-01 |
| publisher | AOSIS |
| record_format | Article |
| series | Journal of Economic and Financial Sciences |
| spelling | doaj.art-7b4dda9632ac4f96bb8f6a694e306ca62022-12-22T03:13:44ZengAOSISJournal of Economic and Financial Sciences1995-70762312-28032015-07-018253654910.4102/jef.v8i2.107104Mapping the relationship between the primary and the secondary art marketPeter Baur0Gideon Els1Department of Economics and Econometrics, University of JohannesburgDepartment of Finance and Investment Management, University of JohannesburgThe article endeavours to construct a model that links the gap between returns to an investment in ‘Fine Art’ and the ‘real’ price of the 'Fine Art' being traded. Thus the process used in creating shared value within the market for 'Fine Art' is examined. Art prices are usually set in the primary market through the auction process, which should also typically reflect an efficient way of creating shared value. As the auction process in the primary art market is not efficient; it does not create shared value as would occur in a typical free market structure. Artificial rigidities exist within the primary art market; thus the links between the primary art market and the secondary art market are shown by incorporating the concepts of the 'Value of Information' and ‘Strategic Uncertainty’ into the transmission mechanism.https://jefjournal.org.za/index.php/jef/article/view/107value of informationtransmission mechanisminvestor returns in the market for ‘fine art’market rigidities |
| spellingShingle | Peter Baur Gideon Els Mapping the relationship between the primary and the secondary art market Journal of Economic and Financial Sciences value of information transmission mechanism investor returns in the market for ‘fine art’ market rigidities |
| title | Mapping the relationship between the primary and the secondary art market |
| title_full | Mapping the relationship between the primary and the secondary art market |
| title_fullStr | Mapping the relationship between the primary and the secondary art market |
| title_full_unstemmed | Mapping the relationship between the primary and the secondary art market |
| title_short | Mapping the relationship between the primary and the secondary art market |
| title_sort | mapping the relationship between the primary and the secondary art market |
| topic | value of information transmission mechanism investor returns in the market for ‘fine art’ market rigidities |
| url | https://jefjournal.org.za/index.php/jef/article/view/107 |
| work_keys_str_mv | AT peterbaur mappingtherelationshipbetweentheprimaryandthesecondaryartmarket AT gideonels mappingtherelationshipbetweentheprimaryandthesecondaryartmarket |