Abstract
This paper analyses two anomalies of the contemporary art market and the institutions created in order to allow the market to develop. The first anomaly concerns the incomplete specification of property rights in the market of successful artists. The second one originates with the lack of “credibility”, or time consistency, that characterises the relationships between young artists and gallery owners.
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Santagata, W. Institutional anomalies in the contemporary art market. J Cult Econ 19, 187–197 (1995). https://doi.org/10.1007/BF01074205
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DOI: https://doi.org/10.1007/BF01074205