Governance under the shadow of the law: trading high value fine art

Show simple item record Shortland, Anja Shortland, Andrew J. 2019-10-09T13:47:02Z 2019-10-09T13:47:02Z 2019-09-20
dc.identifier.citation Anja Shortland and Andrew Shortland. (2020) Governance under the shadow of the law: trading high value fine art. Public Choice, Volume 184, July 2020, pp. 157-174 en_UK
dc.identifier.issn 0048-5829
dc.description.abstract The market for paintings by well-known artists is booming despite widespread concern about art crime and difficulties in establishing provenance. Public law enforcement is imperfect, and court cases often are deemed problematic. So how is the thriving art market governed in practice? We analyze the protocols used by the top auction houses to identify and resolve problems of illicit supply—fakes, forgeries and items with defective legal titles—through the lens of institutional analysis. We uncover a polycentric private governance system in which different actors govern distinct but overlapping issue areas, motivated by profit, prestige, or the search for truth. When the financial stakes rise, opportunistic behavior undermines the credibility of private governance. We argue that as litigious, super-rich investors entered the art market, the interaction between public law and the traditional private governance system restricted the supply of “blue chip” art, driving the escalation of prices. en_UK
dc.language.iso en en_UK
dc.publisher Springer Verlag en_UK
dc.rights Attribution 4.0 International *
dc.rights.uri *
dc.subject Art market en_UK
dc.subject Private enforcement of rights en_UK
dc.subject Fraud en_UK
dc.subject Theft en_UK
dc.title Governance under the shadow of the law: trading high value fine art en_UK
dc.type Article en_UK

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