Working Paper: NBER ID: w11644
Authors: David W. Galenson
Abstract: Many art critics and scholars argue that art markets are irrational, and that there is no correlation between prices and artistic importance. This paper identifies all living artists who have executed at least one work that has sold at auction for at least $1 million, and ranks them both by the highest price for which any of their works have sold, and by the number of times their works have sold for $1 million or more. These rankings show that the most valuable art is made by the greatest artists: the leaders in these tables, including Jasper Johns, Bruce Nauman, Robert Rauschenberg, Gerhard Richter, and Jeff Koons, are clearly among the most important artists alive today. This study also underscores the fact that the most important art of the past 50 years has overwhelmingly been made by young geniuses who have made radical conceptual innovations at early ages.
Keywords: No keywords provided
JEL Codes: J
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| auction prices (D44) | perceived importance of artists (Z11) |
| higher auction prices (D44) | greater artistic significance (Z11) |
| most valuable art (Z11) | artistic innovation and beauty (Z11) |
| top-ranked artists (Y10) | high prices (P22) |
| high prices (P22) | significant impact on the art world (Z11) |