Pricing the priceless

GRAMPP William D (1989). Pricing the priceless. Art, artists, and economics. Basic Books (New York, USA), 1989. ISBN 9780465063215.

A commentary on the economics of art and artists. It is a relatively good book, the best I have read on economics, mind you. However, it is not clear to me whether the author merely expresses his own (economic) opinions or some of those are backed up by research.

The most useful information could be the following:

  • Attendance to art exhibitions and galleries is most greatly comprised by teachers (22%) and managers (15%).
  • The preferred subject matter is simpler for less informed buyers (eg, less culturally aware or conditioned), while more complex matter is preferred by more informed buyers.
  • The demand for art increases when income does, but not so the cultural awareness (or taste). Thus, in societies which become rich relatively quickly, you could also expect a greater proliferation of art styles.