By Ruth Towse
'A instruction manual of Cultural Economics is the definitive advisor to cultural economics. brief, available articles by way of prime students within the box quick deliver the reader on top of things and element them within the correct course for destiny study. the recent variation brings the sphere to the leading edge and is a must-have for a person attracted to economics and the insights it bargains for figuring out pop culture and the arts.'
--Alex Tabarrok, George Mason college and The autonomous 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 normal readers alike will observe during this Handbook an soaking up compendium of entries overlaying the most issues of a desirable sub-discipline.'
--Martin Ricketts, collage of Buckingham, UK
The moment version of this extensively acclaimed and broadly stated selection of unique contributions via expert authors displays adjustments within the box of cultural economics over the past 8 years. completely revised chapters along new issues and members deliver the instruction manual modern, making an allowance for new study, literature and the influence of latest applied sciences within the inventive industries.
The booklet covers quite a number themes encompassing the inventive industries in addition to the economics of the humanities and tradition, and comprises chapters on: the economics of artwork (including auctions, markets and prices), artists hard work markets, creativity and the artistic economic system, cultural districts, cultural price, globalization and foreign alternate, the net, media economics, museums, non-profit enterprises, opera, functionality symptoms, acting arts, publishing, legislation, tax expenses and welfare economics.
This hugely counseled reference device should be warmly welcomed on quite a lot of classes within the fields of economics, enterprise, 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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Extra info for A Handbook of Cultural Economics
In principle the auctioneer acts on behalf of the seller, but the auction house typically receives compensation from both the buyer and the seller for items that are sold. The buyer’s premium is a percentage of the sale price paid to the auctioneer by the buyer. In most auction houses, the buyer’s premium varies from 10 to 25 per cent of the sale price, typically being a lower fraction of higher-valued sales. This use of a sliding scale by value for the buyer’s premium is a fairly recent innovation.
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.
The term ‘reserve price’ is an unfortunate choice of words in this context. In reality virtually every seller has some price below which they would not agree to sell an object; the theory of optimal auctions indicates why, for strategic reasons, a seller should set a reserve price that is strictly higher than the minimum price for which they would sell the object. 5. ’ 6. Since the buyer must exercise this option immediately, this rule does not establish an option value for riskneutral traders that could be used to explain the price decline anomaly.
A Handbook of Cultural Economics by Ruth Towse