Seminar - Creative IPR and History of Capitalism: Regulation or Reputation? Evidence from the Art Market

Professor Kim Oosterlinck (Université libre de Bruxelles) and Dr. Anne-Sophie Radermecker (Université libre de Bruxelles) present their paper, Regulation or Reputation? Evidence from the Art Market.

Christies auction catalogue, November 1997. The cover features Old Masters Pictures.

LONDON, UK - FEBRUARY 19, 2014: Christie's auction catalogue, published by Christie's on November 10, 1997. Christie's is currently the world's largest fine arts auction house. Shutterstock.

This paper investigates the role of regulation and reputation in the art market. We look at attribution issues in the art market, and in France in particular, where both regulatory and reputational mechanisms have been implemented. More specifically, we focus on the Marcus Decree––a pioneering decree regulating the authentication process of artworks in France since 1981––and the self-regulated authentication systems developed by international top-tier auction houses.

Our findings suggest that the implementation of the decree did neither significantly strengthen the market for autograph and non-autograph works, nor radically modify the landscape of attributions, whereas similar but stronger trends in prices and volumes are found in reputational markets (UK, US). We also attribute the moderate effects of the Marcus decree to the size and relative depth of the French art market, the concomitant globalization of the art trade and the development of technical art history, compliance mechanisms and legal compliance costs. Our results are supported by empirical evidence from a data set composed of 15th and 16th century Flemish paintings auctioned between 1972 and 2015 in a regulated market (FR), but also in reputational markets (UK, US, and other European countries).

 

Speakers

Kim Oosterlinck is Professor of Finance at the Université libre de Bruxelles and Research Fellow at the CEPR. His work on arts includes, amongst others, the impact of fake discoveries on art markets, the reactions of art markets to monetary reforms, art dealers’ business strategy and the strategic motivations of banks to create art collections. He has published several articles on the French, Dutch and Belgian art markets during WWII and works on a book comparing these markets with the British and German ones. Kim Oosterlinck is currently Vice-Rector in charge of Prospective and Finance at the ULB.

Anne-Sophie Radermecker holds a Ph.D. in Art history/Cultural Economics from the Université Libre de Bruxelles. She is a former B.A.E.F. fellow at Duke University and lecturer at Erasmus University Rotterdam. Since 2021, she is assistant professor in Cultural Management at the Université libre de Bruxelles. Her main research interests are the economics of art and culture, the market for marginal heritage, the reciprocal interactions between museums and the art market, and quantitative methods applied to art history. Her book entitled Anonymous Art at Auction was released in July 2021 (Brill, Studies in the History of Collecting & Art Markets).

 

This seminar is open to all, but kindly note that advanced registration is required. Depending on how you plan to participate, please follow the links below to register your attendance.

Registration form: In-person attendance

Registration form: Zoom

 

About this event

This event is part of Creative IPR's and History of Capitalism's series of open seminars. The research group and project hosts open seminars on the last Monday of every month. This is a public research seminar bringing together researchers and other professionals from across the social sciences, law, the humanities and beyond to present their research or field of expertise followed by a Q&A session. 

 As of 2022, seminars will be hybrid with the option to attend on Zoom and in person. The seminars are open to all, but kindly note that advanced registration is required. 

Published Feb. 17, 2022 11:42 AM - Last modified June 2, 2022 2:30 PM