A Value Theory of Art
A Value Theory of Art

Author(s): Julia M. Puaschunder
Subject(s): Financial Markets, Sociology of Art
Published by: Scientia Moralitas Research Institute
Keywords: Art; Costs & Benefits; Collateral; Discounting; Economics; Law & Economics; Security;
Summary/Abstract: Price is the hallmark in economics. Discounting under growing uncertain risk over time dominates finance. While finance structures objective measures to perceive price patterns and market trends, it is striking to have no theory of what art becomes more valuable over time. As there is no value theory of arts, we have no structured knowledge about what and how arts become more valuable over time. As for the growing importance of arts as an economic multiplier and systemically-widespread collateral, the need for discounting arts’ future value has gained unprecedented momentum [1]. Solving the question of why some arts survive, and particular art pieces become more valuable over time could help integrate discounting elements in classic public goods theory in welfare economics that focuses on creating lasting common value over time.

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