Working Paper: NBER ID: w11152
Authors: David W. Galenson
Abstract: The recent history of modern art provides clues as to how important artists can be identified before their work becomes generally known. Advanced art has been dominated by conceptual innovators since the late 1950s, and the importance of formal art education in the training of leading artists has also increased during this period. A few schools have been particularly prominent. Auction market records reveal that during the past five decades the Yale School of Art has produced a series of graduates who have achieved great success commercially as well as critically. Recognizing Yale's role can allow collectors to identify important artists before they become widely recognized, and therefore before their early innovative work rises in value.
Keywords: art market; artist education; Yale School of Art; recognition; investment strategies
JEL Codes: J4
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| Attending the Yale School of Art (I23) | Achieving commercial and critical success (P12) |
| Peer recognition (C92) | Critical acclaim (Y30) |
| Critical acclaim (Y30) | Attention of art dealers (Z11) |
| Attention of art dealers (Z11) | Public acclaim (H49) |
| Attending the Yale School of Art (I23) | Achieving higher market values for works (Z11) |
| Peer recognition (C92) | Market success (L17) |