By Ruth Towse
'A guide of Cultural Economics is the definitive consultant to cultural economics. brief, obtainable articles by way of major students within the box speedy deliver the reader up to the mark and aspect them within the correct path for destiny study. the hot version brings the sphere to the innovative and is a must-have for somebody drawn to economics and the insights it deals for knowing pop culture and the arts.'
--Alex Tabarrok, George Mason college and The self reliant Institute, US
Acclaim for the 1st edition:
'Ruth Towse is to be congratulated on assembling one of these top of the range diversity of writers on cultural economics and on orchestrating their contributions so expertly. From anthropology and auctions via copyright and superstars to visible arts and welfare economics, students and basic readers alike will notice during this Handbook an soaking up compendium of entries protecting the most issues of a desirable sub-discipline.'
--Martin Ricketts, college of Buckingham, UK
The moment version of this largely acclaimed and commonly stated choice of unique contributions through expert authors displays adjustments within the box of cultural economics over the past 8 years. completely revised chapters along new subject matters and members carry the instruction manual brand new, making an allowance for new learn, literature and the effect of latest applied sciences within the inventive industries.
The booklet covers more than a few subject matters encompassing the artistic industries in addition to the economics of the humanities and tradition, and contains chapters on: the economics of artwork (including auctions, markets and prices), artists hard work markets, creativity and the inventive economic climate, cultural districts, cultural price, globalization and foreign exchange, the net, media economics, museums, non-profit corporations, opera, functionality signs, appearing arts, publishing, law, tax charges and welfare economics.
This hugely recommended reference device might be warmly welcomed on a variety of classes within the fields of economics, company, administration, arts administration and cultural and media studies.
Contributors: H. Abbing, ok. Acheson, okay. Alford, O. Ashenfelter, W.J. Baumol, F. Benhamou, M. Blaug, L. Bonet, A.E. Burke, S. Cameron, D.C. Chisholm, F. Colbert, T. Cowen, T. Cuccia, G. Doyle, J. Farchy, V. Fernandez-Blanco, B.S. Frey, V. Ginsburgh, ok. Graddy, C.M. grey, J. Heilbrun, A. Henten, C. Hjorth-Andersen, M. Hutter, W.M. Landes, L. Levy-Garboua, W.A. Luksetich, C. Maule, I. Mazza, C. Montmarquette, D. Netzer, J. O'Hagan, G. Pignataro, J. Prieto-Rodriguez, I. Rizzo, F. Rochelandet, M. Rushton, D. Sagot-Duvauroux, W. Santagata, G.G. Schulze, B.A. Seaman, J.D. Snowball, M. Taalas, R. Tadayoni, D. Throsby, R. Towse, M. Trimarchi, D. Urrutiaguer, O. Velthuis, N.M. Wijnberg, G. Withers
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Additional info for A Handbook of Cultural Economics
When the bidding stops, the item for sale is said to be ‘knocked down’ or ‘hammered down’. The price at which an item is knocked down or hammered down is called the ‘hammer price’. What is not so well understood is that the items knocked down have not necessarily been sold. Here is the reason. The seller will generally set a ‘reserve price’, and if the bidding does not reach this level the item will go unsold. Auctioneers say that an unsold item has been ‘bought in’. ) An item that has been bought in may be put up for sale at a later auction, sold elsewhere, or taken off the market.
Indd 35 19/05/2011 16:33 36 A handbook of cultural economics exist. Some art dealers, such as the illustrious Paris and New York Wildenstein Gallery, are known to have had works for decades in inventory before they finally managed to sell them. Also, unlike assets on financial markets, works of art are hardly divisible. Although some pieces of art have been bought by consortia of investors and collectors, such as Damien Hirst’s diamond-covered skull For the Love of God, it is generally impossible to buy, for example, a one-hundredth share in a painting by Rembrandt.
First of all, an artist cannot be contractually enforced to continue producing valuable works of art in the future. Second, if a contract were written up, it would be difficult for one party to monitor the other and ensure that all terms of the contract were complied with. Third, litigation is expensive in case of breach of contract and may damage the reputation of the artist and the gallery. Transaction costs involved in developing a contract, monitoring and litigation are, in other words, high in the case of consignments.
A Handbook of Cultural Economics by Ruth Towse