13 February: Art market and quality

Information about the quality of producers or products has strategic value and affects economic decisions. But what happens in markets where there is extreme uncertainty because quality is difficult to observe directly and objective criteria to make quality judgments are lacking? In markets where information about quality is incomplete and imperfect, signals (as reviews, awards, exhibitions, subsidies, art gallery affiliations) are useful in helping to reduce uncertainty.

Monika Kackovic researched the effects of quality signals in the visual art market. In her PhD thesis Observable Persuaders: A Longitudinal Study on the Effects of Quality Signals in the Contemporary Visual Art Market the core focus is on gaining an understanding of the effects of signals on producers’ performance outcomes, and specifically on persistence in performance created by self-reinforcing feedback loops initiated by initial advantages from early career signals and/or from signals in later stages of competitive activity. In the empirical setting of the primary market for contemporary visual art, the career trajectories of 1590 visual artists from two art institutions (the Gerrit Rietveld Academie and the Rijksakademie van beeldende kunsten) in the Netherlands are studied. The empirical results show strong self-reinforcing processes governing competitive dynamics.

Date: Monday, February 13, 2017
Time: 16:00 to 18:00 pm
Location: Boekman Foundation

Free access
The official language is English.

Applying is necessary due to the limited number of seats.