Intro; Preface; Contents; Introduction; 1 What Is the Economics of Art and Culture?; 1.1 A Challenging Discipline; 1.2 The Scientific Approach; 1.3 Fascinating Issues; 1.3.1 Does the Market Produce Bad Art?; 1.3.2 Can Arts Policy Be Left to Democracy?; 1.4 Conclusion; Related Literature; Aspects; 2 The Social Value of Art; 2.1 Contrasting Views; 2.1.1 Impact Studies; 2.1.2 Capturing Non-market Benefits of Art; 2.1.3 Different Views; 2.1.4 Evaluation; 2.2 Conclusion; Related Literature; 3 Art Markets and Auctions; 3.1 Producers and Consumers of Art; 3.2 Equilibrium Between Supply and Demand

3.3 Auctions3.4 Types of Art Market Risks; 3.4.1 Risks Inherent in Works of Art; 3.4.2 Unexpected Market Changes; 3.4.3 Behavioural Anomalies; 3.5 Why Do People Invest in Art?; 3.5.1 Diversification; 3.5.2 Biased Information; 3.5.3 Taxation and Money Laundering; 3.5.4 Conspicuous Consumption and Art Investment; 3.5.5 Love of Art; 3.6 Conclusion; Related Literature; 4 The Artists' Labour Market; 4.1 Starving or Rich Artists?; 4.2 Why Do People Become Artists?; 4.3 Who Is an Artist?; 4.4 Income; 4.5 Awards; 4.6 Superstars and Winner-Take-All Markets; 4.7 Creativity; 4.7.1 Personal Creativity

4.7.2 Institutional Creativity4.8 Are Artists Really Unhappy?; 4.9 Conclusion; Related Literature; 5 Reproductions in Art; 5.1 Contrasting Views on Copies and Fakes; 5.1.1 The Moral View; 5.1.2 The Legal View; 5.1.3 The Art Historic View; 5.2 Beneficial Aspects of Imitations; 5.2.1 Copies Provide Utility; 5.2.2 Artistic Capital Is Promoted; 5.2.3 Supporting Creativity; 5.3 Harmful Aspects of Imitations; 5.3.1 Demand Side; 5.3.2 Supply Side; 5.4 What to Do?; 5.5 Conclusion; Related Literature; Areas; 6 Creative Cultural Economy; 6.1 Creativity and Culture; 6.2 Economic Properties

6.3 ConclusionRelated Literature; 7 The Performing Arts; 7.1 Characteristics of the Performing Art; 7.2 Demand Side; 7.3 Supply Side; 7.3.1 Operas; 7.3.2 Drama; 7.3.3 Government Supported Organizations; 7.3.4 Profit-Oriented Enterprises; 7.3.5 Co-operative Organizations; 7.3.6 The Cost Disease; 7.4 Conclusion; Related Literature; 8 Festivals; 8.1 An Abundance of Festivals; 8.2 A Paradox; 8.3 Features; 8.3.1 Demand Side; 8.3.2 Supply Side; 8.3.3 Possible Future Developments; 8.4 Conclusion; Related Literature; 9 Films; 9.1 Characteristics; 9.1.1 Supply Side; 9.1.2 Demand Side; 9.2 Conclusion

Related Literature10 Museums; 10.1 Types of Museums; 10.2 Demand for Museums; 10.2.1 Private Demand by Visitors; 10.2.2 Social Demand; 10.2.3 Effects on Markets; 10.3 Supply; 10.3.1 Cost Structure; 10.3.2 Firm Structure; 10.4 Museum Behaviour; 10.5 Collection Management; 10.6 Entrance Fees; 10.7 Commercial Activities; 10.8 Conclusion; Related Literature; 11 Superstar Museums and Special Exhibitions; 11.1 Characteristics of Superstar Museums; 11.2 Special Exhibitions; 11.2.1 Demand Side; 11.2.2 Supply Side; 11.3 Conclusion; Relevant Literature; 12 Cultural Heritage