The Price and the Value of the Art Market
Abstract
The article is devoted to the determination of major economic categories — price, value and utility for the specifi c goods — the works of art. The particular attention is given to justifi cation of inaction of some classical laws of the economic theory at the art market. Certainty of economic nature of such products as art works is also proved. New ways of application of economic analysis for the original art market are outlined.
Keywords:
price, value, utility, art market, works of art, economic laws
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Articles of the St Petersburg University Journal of Economic Studies are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.