Cultural institutions and value formation on the art market: A rent-seeking approach |
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Authors: | Gianfranco Mossetto |
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Affiliation: | 1. ICARE, University of Venice, Ca' Foscari, S. Marco 2945, I-30124, Venice
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Abstract: | The formation of value in the artistic market can be specifically affected by the behavior of cultural institutions, acting on it as monopolistic quality certifiers. The rent-maximizing strategy limits quantities to sub-optimum levels and keeps prices and costs higher. This can be worsened by institutional rent-seeking. The establishment's strategies cannot always be matched through public policies, because this can result in an increase of monopoly social losses and of the establishment's lobbying efforts. |
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