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3 - Price

Published online by Cambridge University Press:  23 July 2021

Amy Whitaker
Affiliation:
New York University
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Summary

Pricing in the arts is peculiar and opaque. Pricing for works of art is very different from pricing for museum tickets and other interchangeable goods. We consider price elasticity of demand, meaning customer sensitivity to a change in price, especially considering a ticket-pricing change at the Indianapolis Museum of Art. We consider price discrimination, the strategy of charging different prices to different groups of people. We consider other variations on pricing structure including bundling, two-part tariffs, and versioning. For pricing works of art, the method of pricing is, following from Velthuis’s work, largely sociological and best modeled as a set of scripts.

Type
Chapter
Information
Economics of Visual Art
Market Practice and Market Resistance
, pp. 77 - 101
Publisher: Cambridge University Press
Print publication year: 2021

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  • Price
  • Amy Whitaker, New York University
  • Book: Economics of Visual Art
  • Online publication: 23 July 2021
  • Chapter DOI: https://doi.org/10.1017/9781108649919.005
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  • Price
  • Amy Whitaker, New York University
  • Book: Economics of Visual Art
  • Online publication: 23 July 2021
  • Chapter DOI: https://doi.org/10.1017/9781108649919.005
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Price
  • Amy Whitaker, New York University
  • Book: Economics of Visual Art
  • Online publication: 23 July 2021
  • Chapter DOI: https://doi.org/10.1017/9781108649919.005
Available formats
×