By Martin Feldstein
This quantity brings jointly nontechnical essays on those concerns by way of economists linked to the NBER and private statements by way of leaders of America's major nationwide artwork museums and similar foundations. it may be learn not just through economists but additionally by way of museum officers and trustees. Museum administrators mostly come to their tasks with a heritage in paintings heritage and curatorial paintings yet with no event in considering the administration and public coverage points of museum management. Trustees who serve on museum forums more often than not have a heritage in company or legislation yet haven't formerly attempted to use their event to the bizarre monetary difficulties of museums. The heritage papers, the panelists' comments, and the precis of the dialogue may help them to process their tasks with a greater knowing of the issues and probabilities of the museum.
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Extra info for The Economics of Art Museums (National Bureau of Economic Research Conference Report)
Example text
The city museum in The Hague in Holland, however, has decided to "sell from the top of their collection" (Picasso, Monet) in a conscious attempt to shift the emphasis of the collection to contemporary art; this is a step that has not been taken by American museums. Neil Rudenstine noted, however, that museums had recently purchased some works of art that could only have been afforded by selling very good works already held by those museums. Marilyn Perry discussed the example of the Walker Museum in Minneapolis, which deaccessioned its founding donation in order to maintain its charter as a contemporary museum.
Our situation is nearly unique among art museums, for the Getty Trust is lucky enough to have the money to permit the Museum to compete for the best and rarest works of art in an increasingly dizzy market. (I am not sure that this actually gives me a better seat to observe the market. ) In my six years at the Getty, we have been after an endangered species, the rare and important work of art. The competition is seldom from other museums, because their endowments for acquisitions have not risen with the astonishing inflation of the art market.
Let's take a collector, say Mrs. Haveamanet, who has a painting she bought from the dealer Sam Pfeffer for $200,000 in 1955. She has gotten old, the Manet is dirty, she wants the money to distribute to her children, so she goes back to Mr. Pfeffer. 3 million, calculating that they can clean it, reframe it, and sell it for $4 million. 5 to $4 million at auction, maybe much more, and offers to pay her a guaranteed $3 million cash on the day of the sale. She might have preferred to dodge the publicity and make a quiet, private sale, but what the hell, all her friends are doing it, so the picture goes to auction.