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Does a form of socially relevant conspicuous consumption segment the Tribal Art market? In this paper, the authors address this question presenting a model based on the signaling theory and they test this model empirically using a unique hand-collected dataset, which comprises the worldwide Tribal Art market auctions between 1999 and 2008. The results show a significant relationship among the probability of an artwork to be sold and several signs and signals. The effect of prices on the probability of sales is nonlinear, and allows one to segment the Tribal art market in a price-driven and a conspicuous consumption-driven market.
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