2018/32 | LEM Working Paper Series | ||||||||||||||||
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Power-Laws in Art. From Renaissance to Contemporary Art |
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Federico Etro and Elena Stepanova |
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Keywords | |||||||||||||||||
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Power laws; Art prices; Talent distribution; Scale-free networks
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JEL Classifications | |||||||||||||||||
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C23, Z11
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Abstract | |||||||||||||||||
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We provide evidence of a cubic law of art prices that hints to a
general pattern for the distribution of artistic talent. The
persistence across heterogeneous markets from historical ones to
contemporary art auctions of a power law in the distribution of the
average price per artist suggests the possibility of a universal law
for talent distribution. We explore scale-free networks of
teacher-students to investigate the diffusion of talent over time.
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