Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/203078 
Year of Publication: 
2018
Series/Report no.: 
LEM Working Paper Series No. 2018/25
Publisher: 
Scuola Superiore Sant'Anna, Laboratory of Economics and Management (LEM), Pisa
Abstract: 
We analyze the Paris art market between the government-controlled Salon as a centralized organization of art exhibition and the system liberalized by the Republican government based on competition between independent exhibitions. The jury of the old Salon decided on submissions with a bias toward conservative art of the academic insiders, reducing demand for the outsiders, as confirmed by the impact on prices of the acceptance of Impressionists. With a difference-in difference estimation we provide evidence that the end of the government-controlled Salon in 1880 started the increase of the prices of the Impressionists relative to the insiders.
Subjects: 
Art market
Market structure
Insider-Outsider
Hedonic regressions
Impressionism
JEL: 
C23
Z11
Document Type: 
Working Paper

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