Art Market Study Reveals Surprising Truth About Collaborative Works
New research published in Arts and the Market has uncovered an unexpected phenomenon in the art auction: paintings created through artistic collaboration typically sell for less than works by single artists, challenging long-held assumptions about artistic partnerships and market value.
?Dr. Anne-Sophie V. Radermecker from the Université libre de Bruxelles conducted a comprehensive study analyzing 11,630 paintings auctioned between 1946 and 2015, focusing specifically on collaborative works by Flemish masters. The findings present a compelling case that challenges current market practices and perceptions.
Despite the opportunity for buyers to purchase one artwork with two brand names, this study reveals that the average value of collaborative paintings is statistically lower than single-authored paintings. This effect becomes even more pronounced when a renowned master is involved in the collaboration.?
The research employed hedonic regression analysis to examine how buyers value co-branded artworks and how individual artist reputations influence final valuations. The results suggest that what Dr. Radermecker terms the "contamination effect" can diminish an artist's brand equity when working collaboratively.
Key findings include:
- Collaborative works consistently sell for less than solo works
- The presence of a renowned master in collaboration doesn't increase value as expected
The Market still favours the traditional concept of individual artistic genius
- Current pricing models may need significant revision?
These findings have significant implications for various art market stakeholders. For collectors, this may represent an opportunity to acquire undervalued works. Galleries and auction houses might need to reconsider their pricing strategies for collaborative pieces, while artists may want to weigh collaborative projects' market implications carefully.
The study also reveals more profound insights into art market psychology. Despite the contemporary art world's emphasis on collaboration and collective creativity, the Market continues to place a premium on individual authorship. This preference is deeply rooted in traditional notions of artistic genius and authenticity.
We argue that integral authorship is more valued than partial authorship, explains Dr Radermecker, suggesting that the lone genius myth is still prevalent in the art market.
This research is crucial when artistic collaboration is increasingly common in contemporary practice. The disconnect between current artistic trends and market valuation presents challenges and opportunities for market participants.
These findings suggest a need to reassess how collaborative works are valued and marketed in the art market. The study provides empirical evidence that could lead to more accurate pricing models and potentially create new opportunities in the Market.
?The research also raises important questions about how we value artistic collaboration in an era where creative partnerships are becoming increasingly common. While the art world continues to embrace collaborative practices, the Market is lagging behind in recognizing their value.
As the art market continues to evolve, Dr. Radermecker's findings provide valuable insights for collectors, dealers, and artists alike. They offer a data-driven perspective on how artistic collaboration influences market value. This research may prove instrumental in shaping future market practices and valuations in the art world.
These findings suggest that while artistic collaboration may be creatively rewarding, the Market still needs to develop more sophisticated mechanisms for valuing such works. For now, this market inefficiency presents both challenges and opportunities for art market participants.
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Source: Radermecker, A.-S.V.?(2020), "Buy one painting, get two names. On the valuation of artist collaborations in the art market",?Arts and the Market, Vol. 10 No. 2, pp. 99-121.?https://doi.org/10.1108/AAM-10-2019-0030
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