Can Art Fair Participation Increase an Artwork's Value?
The article explores whether art fairs can act as accreditation platforms that boost an artist's market value, drawing on economic theory of 'superstar markets' and 'reputational goods'. It notes that museum exhibitions have been shown to increase artwork prices, citing research by Yu-Hsi Liu, Chi-Jung Lu, and Chien-Yuan Sher. The author argues that if fairs could similarly enhance value, organizers would gain a powerful reputation asset extending beyond the fair period. The piece is written by Stefano Monti, partner at Monti&Taft, and published on Artribune.
Key facts
- The art market is described as a 'superstar market' where price differences between artists are not solely based on talent.
- 'Reputational goods' theory explains that buyers pay extra for purchases from reputable sellers.
- Museum exhibitions have been shown to significantly increase artwork values, with Gerhard Richter cited as an example.
- A study by Yu-Hsi Liu, Chi-Jung Lu, and Chien-Yuan Sher found that 'passaggio al museo' (museum exposure) correlates with higher hammer prices.
- The article questions whether art fairs can similarly act as accreditation platforms influencing artist valuations.
- If fairs could demonstrate value enhancement, organizers could build year-round reputation beyond the event itself.
- The author is Stefano Monti, partner at Monti&Taft, specializing in art market advisory and strategy.
- The article was published on Artribune in February 2018.
Entities
Artists
- Gerhard Richter
Institutions
- Monti&Taft
- Artribune
Locations
- Italy