2018/25 | LEM Working Paper Series | ||||||||||||||||
Liberalizing Art. Evidence on the Impressionists at the end of the Paris Salon |
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Federico Etro, Silvia Marchesi and Elena Stepanova |
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Keywords | |||||||||||||||||
Art market, Market structure, Insider-Outsider, Hedonic regressions, Impressionism
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JEL Classifications | |||||||||||||||||
C23, Z11
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Abstract | |||||||||||||||||
We analyze the Paris art market between the government-controlled
Salon as a centralized organization of art exhibition and the system
liberalized by the Republican government based on competition between
independent exhibitions. The jury of the old Salon decided on
submissions with a bias toward conservative art of the academic
insiders, reducing demand for the outsiders, as confirmed by the
impact on prices of the acceptance of Impressionists. With a
difference-in difference estimation we provide evidence that the end
of the government-controlled Salon in 1880 started the increase of the
prices of the Impressionists relative to the insiders.
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