Cambridge University Press 978-1-108-48342-1 — Economics of Visual Art Amy Whitaker Index More Information Index Page numbers in italics indicate tables and figures. Titles of written and visual works will be found at the author’s/artist’s name. Numbers are alphabetized as if spelled out. 1–54, contemporary African art fair, 69, 221 American Alliance of Museums (AAM), 5Pointz case, New York, 220 183 813 Broadway exhibition (1951), 177 Anderson, Jane, 216 Anderson, Maxwell, 79 AAM (American Alliance of Museums), 183 Andre, Carl, 105 AAMD (Association of Art Museum Angelou, Maya, 15 Directors), 176, 183, 286n24, 297n60 Ankrom, Richard, 253 Abbing, Hans, Why Are Artists Poor?, 154 anticompetitive practices, 131. See also mar- ability and willingness to pay, demand as, ket structures 22–23 Antonelli, Paola, 192 Abu Dhabi, Saadiyat Island, Guggenheim and AP (Associated Press), 203, 204–205 Louvre extensions at, 121, 126 Apple, 236 Adler, Amy, 203 arbitrage, 226 Adorno, Theodor, 23 Aronson, Cliff, 139 adverse selection, 114 ARR (Artist Resale Right; EU and UK), 211 af Klint, Hilma, 66 ARRAY, 250 Afghanistan, landmines in, 43–45 Art Agency, Partners, 152, 176 aggregate demand, 22, 32, 40 Art + Museum Transparency Group, 183, Agreement on Trade-Related Aspects of 195, 311n28 Intellectual Property Rights (TRIPS), 207 Art Basel, 69, 221, 235, 236, 338n12 AHRC (Arts and Humanities Research art fairs, 69, 158, 236 Council; UK), 117 art market, global, overall value of, 235 Ai Weiwei, Tate Modern installation The Art Newspaper, 151 (2010), 9–11 Art + Practice, 156, 170–171 Akerlof, George Art Workers’ Coalition (AWC), 199, 200, “The Market for Lemons,” 114 217–218, 220 “Sins of Omission and the Practice of Art < > World exhibition (1976), 190 Economics,” 251 “art worlds,” 292n20 Alberro, Alexander, Conceptual Art and the Art Zone, Beijing, 120 Politics of Publicity, 218 Artist Pension Trust, 165 Ali, Yashar, 246 Artist Resale Right (ARR; EU and UK), 211 allocation and diversification of portfolios, artists. See also intellectual property; labor 232–233 economics Alpers, Svetlana, Rembrandt’s coronavirus pandemic and, 245–246 Enterprise, 159 Hansa Gallery run by, 177–181 alternative assets, 231 investment, from artist’s studio to return Amazon, 146 on, 238–240 AmbitioUS, 189 as investors, 238–240 379 © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-1-108-48342-1 — Economics of Visual Art Amy Whitaker Index More Information 380 index artists (cont.) supply chains/vertical markets and, 158 supply chains/vertical markets and, 155, van Gogh’s Portrait of Dr. Gachet, sale of, 159–161, 163, 169–171, 174, 306n14 223–224 technology innovations, use of, 56–58 average total cost, 48 The Artist’s Contract (The Artist’s Reserved AWC (Art Workers’ Coalition), 199, 200, Rights Transfer and Sale Agreement), 217–218, 220 199, 200, 214 artists’ residency programs, 156, 169, 174 backward integration (integration Artnet, 264 upstream), 165 Arts and Humanities Research Council backward-bending labor supply curve, (AHRC; UK), 117 185–186 Arts Council England, 246 Bacon, Francis, Three Studies of Lucian Freud Livelihoods of Visual Artists, 184, 195 triptych, 233, 234 ascending bid (English auction), 263, 265 Bagehot, Walter, 3 Ashenfelter, Orley, 146, 151, 153 Bahr, Peter, 157, 159 asset classes, 228–231 Baker, Samuel, 129 asset specificity, 166 balance sheets, 58 assets, defined, 229 banana duct-taped to wall (Cattelan’s Associated Press (AP), 203, 204–205 Comedian), 338n12 Association of Art Museum Directors Banksy, 35 (AAMD), 176, 183, 286n24, 297n60 Barr, Alfred, 181 auctions and auction houses barriers to entry, 131 auction theory, 263–267 barter and exchange (trade and reciprocity), “Beautiful Inside My Head Forever” 18–21 (Sotheby’s Hirst auction, 2008), and Basquiat, Jean-Michel, 39 vertical market/supply chain, 155, 159, Bataclan terrorist attack, Paris, 122 163, 175 Baumol, William J., 8 bought in works (failing to sell), 267 “Unnatural Value,” 224, 234–235, 242, chandelier bidding, 98, 266 329n20 competition between, 130, 300n7 Bayer, Thomas M., and John R. Page, divergence of strategies after price-fixing The Development of the Art Market in scandal, 152 England, 77, 114 footing, 266–267 Beard, Alex, 102, 108, 109 guarantee arrangements, 136, 153 “Beautiful Inside My Head Forever” historical background, 129 (Sotheby’s auction, 2008), 155, 159, market concentration of four top auction 163, 175 houses, 144 Becker, Gary, “The Economic Way of price-fixing agreement between Christie’s Looking at Life,” 251 and Sotheby’s (1995), 129–130, 131–140, Becker, Howard, 292n20 144, 146, 148–151 Beggs, Alan, 328n16 private companies, Sotheby’s and Bell, Natalie, 124 Christie’s now as, 152 Bellamy, Richard (Dick), 179–181 reservation price (maximum price), 22, 264 Benanti, Laura, 246 reserve price/reserve, 96, 264, 265 Berne Convention, 207 schedule coordination between, 153 Betty Parsons Gallery, 24, 214, 237, 242 Society of London Art Dealers/British BidFairUSA, 152. See also auctions and Antique Dealers’ Association lawsuit auction houses (1970s) against, 130 Bishop, Claire, 128 Stout defamation suit against Christie’s Black, Fischer, 332n31 regarding Mapplethorpe estate, 137 Black Rock Senegal, 174 © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-1-108-48342-1 — Economics of Visual Art Amy Whitaker Index More Information index 381 Black–Scholes options pricing model, 332n31 Capote, Truman, 139 Blavatnik, Sir Leonard, 124 Carnegie, Andrew, 156 blockchain, 215, 221 Carnegie Museum of Art, Pittsburgh, 221 Bloomsbury Group, 4 Carnwath, Francis, 107 Boies, David, 140 cartels, 149, 162–163 bonds, 229 cash flow statements, 58 Bourdieu, Pierre, 5, 278n21 Castelli, Leo, 66, 92, 95, 180, 181, 213, 244, Distinction,23 326n5 Bourdon, David, 190 CAT scan machines, 166 Bouvier, Yves, 95 catalogue design, as artwork, 221 Bowen, William, 329n18 Cattelan, Maurizio, Comedian (banana duct- Bradford, Mark, 156, 170–171 taped to wall), 338n12 Brancusi, Constantin, Sculpture for the Center for Cultural Innovation (CCI), Los Blind,73 Angeles, 189 Brandenburger, Adam, 156, 173–174 ceteris paribus, economists’ use of, 23 Brannock company/Brannock device, 143 chandelier bidding, 98, 266 breakeven analysis/breakeven point, 62–65 Chandler, Alfred, 275n4 British Antique Dealers’ Association, 130 change in expectations, as determinant of British Library, 117 need, 28 British Museum, 215 Chaplin, Charlie, 75 British Railways Pension Fund, 233 El Chapo (Joaquín Guzmán), 162–163 Britten, Mathew, 182 Cheung, Steven, 111 Bronx Museum, 186 Chiappe, Paul, 55 Brooks, Diana (Dede) Dwyer, 129, 130, 131, China Poly, 144. See also auctions and auc- 132–133, 135, 136, 138, 139–140, 149 tion houses Brooks, Michael, 133 Chisenhale Gallery, 194, 195 Brownback, Sam, 204 Christen, Kim, 216 Bruce, Thomas, 7th Earl of Elgin, 215 Christian Dior, 157 Bruguera, Tania, 125 Christie, James, 129 Brunn, Burkhard, 51, 52 Christie’s. See auctions and auction houses Büchel, Christoph, Training Ground for Churchill, Winston, xvi Democracy, 208–210 class. See family wealth or income Buchloh, Benjamin, “Conceptual Art Clayton, Lenka 1962–1969,” 218 Artist Residency in Motherhood,73 budget line, 258, 259, 260 Local Newspaper,73 Buffett, Warren, 49 “Typewriter Drawings” (2012 and bundles of rights, artworks as, 199 ongoing), 50, 53–55, 72 bundling, 87–90 Unanswered Letter,73 Burge, Christopher, 223 Cleland, Elizabeth, 20 Burne-Jones, Edward, 77 Clooney, George, 204 business strategy frameworks and supply Coase, Ronald, 275n4 chains, 156, 171–174 “The Nature of the Firm,” 142 buyer’s premium, 96, 97, 98 “The Problem of Social Cost,” 213–214 Cage, John, 4’33” sonata, 71 Coase theorem of property rights, Cake Project, 71–72 213–214, 215 call options, 331n27 Cogan, Marshall S., 132 capital and cost, 45 COGS (cost of goods sold), on income capital appreciation, 225 statements, 58 capital protection, 225 Cohen, Steven, 96 © in this web service Cambridge University Press www.cambridge.org Cambridge University Press 978-1-108-48342-1 — Economics of Visual Art Amy Whitaker Index More Information 382 index Coin Street Community Builders, 124 technology innovations, artists’ use of, Coleman, Anita, 179, 181 56–58 collective bargaining and unions in the arts, willful inefficiency, 52–58 186–189 study questions,71–76 Collectors’ Circle, 91–92 cross-subsidies, 65–67 College Art Association, 219, 318n47 Crystal Palace Exhibition, London (1851), 205 Columbus, Nikki, 128 CS (compensating surplus), 117 commensuration, 20 cultural heritage and art ownership, 215–216 commercial value, 236–237 CVM (contingent valuation methodology), common values, 264 115, 117–119, 123, 295n33 compensating surplus (CS), 117 Competition Act (1980; UK), 136 DACS (UK), 211, 213, 319n47 complements and substitutes, goods Damodaran, Aswath, 78, 233 classified as, 26–28 David Zwirner gallery, 146, 244 compounding interest, 227 Davidge, Christopher, 129–130, 132, conceptual artists’ use of administrative 134–135, 136, 137–139, 146, 149 contracts, 218 Davidge, Eva, 134 conspicuous consumption, 29 Davidge, Olive Fowle, 134 Constitution, US, 201 Davidge, Roy, 129, 134 consumer surplus, 31–33, 123 Davidge, Wilfred, 134 contingent valuation methodology (CVM), Davies, William, 14 115, 117–119, 123, 295n33 Davis, Ben, 244 contingent/contract workers, 197 de Kooning, Elaine, 181 contracting costs, 49 de Menil, John and Dominique, 198 Cook, Lisa D., 316n20 deaccessioning, 52, 121, 176,