Titlebook: Economics of Art and Culture; Bruno S. Frey Book 2019 The Author(s), under exclusive license to Springer Nature Switzerland AG 2019 Econom

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Public Support of the Artsle to failure. Decisions taken in the political process may deviate systematically from the preferences of the population. Nonetheless, citizens are quite willing to support the arts with substantial funds if asked to in popular initiatives and referenda.

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What Is the Economics of Art and Culture? number of diverse issues, such as how valuable art is to society, how the art market and auctions work, the specific characteristics of artists’ labour market, and the role of copies and fakes in art. Various areas of the arts and culture are analyzed, such as opera and theatre, festivals, films, m

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The Social Value of Artditures seem to be economically beneficial. In contrast, art economists focus on measuring the social values produced. They include the external effects of artistic activities not taken into account by the market: existence, option, bequest, prestige, and education values. The two approaches conside

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Art Markets and Auctionss supplies of art. In a well-functioning market, supply and demand balance. Art markets, in particular auctions, are characterized by large risks that rarely exist in other markets. These relate to authenticity, attribution, quality, and theft. Some unexpected market changes may also occur. Behaviou

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The Artists’ Labour Marketuperstars earn high incomes. This leads to great inequality among artists. Artists with high incomes are often among the best artists. Various determinants of artists’ earnings have been identified. Talent, or creativity, is very important, but belonging to a well-established artistic network, train

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The Performing Artsences. The public sector can support the performing arts by giving a fixed sum, by making donations tax deductible, and by covering the deficit. Profit-oriented firms can exist when fixed costs are small, audiences large, and price discrimination and cross-subsidization feasible. There may also be c

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Festivalse of the glaring contrast with the serious financial problems faced by theatres, opera houses, and orchestras with fixed venues. Festivals attract new groups of consumers. For tourists, attendance at festivals is a small proportion of total holiday expenditures, and demand people are not driven away