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Series:   Elements in the Renaissance

Risks in Renaissance Art

Production, Purchase, and Reception

Published online by Cambridge University Press:  11 January 2024

Jonathan K. Nelson  and
Richard J. Zeckhauser
Jonathan K. Nelson
Affiliation:
Syracuse University, Florence
Richard J. Zeckhauser
Affiliation:
Harvard University, Massachusetts

Summary

This Element represents the first systematic study of the risks borne by those who produced, commissioned, and purchased art, across Renaissance Europe. It employs a new methodology, built around concepts from risk analysis and decision theory. The Element classifies scores of documented examples of losses into 'production risks', which arise from the conception of a work of art until its final placement, and 'reception risks', when a patron, a buyer, or viewer finds a work displeasing, inappropriate, or offensive. Significant risks must be tamed before players undertake transactions. The Element discusses risk-taming mechanisms operating society-wide: extensive communication flows, social capital, and trust, and the measures individual participants took to reduce the likelihood and consequences of losses. Those mechanisms were employed in both the patronage-based system and the modern open markets, which predominated respectively in Southern and Northern Europe.
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Keywords

riskpatronagerejectionsocial capitaltrust
Type
Element
Information
Series: Elements in the Renaissance
Online ISBN: 9781009402514
Publisher: Cambridge University Press
Print publication: 21 March 2024

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