Jonathan T.D. Neil on whether art is good or just valuable

"Much of the critical consensus quite comfortably divides the world of art (and indeed the world itself) into market values and other values…" from the September 2014 issue

By Jonathan T.D. Neil

David Throsby and Anita Zednik have recently published a very considered attempt to quantify the difference and relationship between art’s economic value and its cultural value. Their paper, ‘The Economic and Cultural Value of Paintings: Some Empirical Evidence’ (in the Handbook of the Economics of Art and Culture, vol 2, 2014), is well worth reading, but the conclusion will not be surprising to most. Economic and cultural value, Throsby and Zednik show, are related but different. Important as a brake…

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