The Death Effect in Art Prices: Evidence from Denmark

Abstract

Analysing a panel of paintings by Danish painters suggests that the conditional life expectancy of the artist at the time of sale has a negative impact on the sale price. This is consistent with the idea that artists share some of the characteristics of durable monopolists and that the ageing and ultimately the death of the artist represent acceptable forms of commitment not to ‘overproduce’. In addition interest in an artist’s work begins to wane after their death.