Title: Valuing Creativity: Economic Models for Fair Remuneration of Artists in
Contemporary Cultural Economies
Authors:
Mihir Gupta
Journal:
International Journal of Social Science and Economic Research (IJSSER)
ISSN: 2455-8834
Volume:
11
Issue:
5
Publication Date:
May 2026
DOI:10.46609/IJSSER.2026.v11i05.024
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Mihir Gupta
Williamsville East High School New York
MLA 8 Gupta, Mihir. "Valuing Creativity: Economic Models for Fair Remuneration of Artists in Contemporary Cultural Economies." Int. j. of Social Science and Economic Research, vol. 11, no. 5, May 2026, pp. 2212-2225, doi.org/10.46609/IJSSER.2026.v11i05.024. Accessed May 2026.
APA 6 Gupta, M. (2026, May). Valuing Creativity: Economic Models for Fair Remuneration of Artists in Contemporary Cultural Economies. Int. j. of Social Science and Economic Research, 11(5), 2212-2225. Retrieved from https://doi.org/10.46609/IJSSER.2026.v11i05.024
Chicago Gupta, Mihir. "Valuing Creativity: Economic Models for Fair Remuneration of Artists in Contemporary Cultural Economies." Int. j. of Social Science and Economic Research 11, no. 5 (May 2026), 2212-2225. Accessed May, 2026. https://doi.org/10.46609/IJSSER.2026.v11i05.024.
References
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[2] . Hutter, M., & Throsby, D. (n.d.). Value and valuation in art and culture. In Beyond Price: Value in Culture, Economics, and the Arts. https://assets.cambridge.org/97805218/62233/excerpt/9780521862233_excerpt.pdf
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[4] . Throsby, D. (2010). Economic analysis of artists' behaviour: some current issues. Revue d'économie politique, . 120(1), 47-56. https://doi.org/10.3917/redp.201.0047.
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[9] . Palmer, D. (2015). Economics of the Arts: the Myth of the Cost Disease. Cnu. https://www.academia.edu/14655896/Economics_of_the_Arts_the_Myth_of_the_Cost_Disease
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[12] . Alexander, R. (2013). Studying “Sponsored Goods” in cultural sector. Econometric model of Baumol’s disease. ideas.repec.org. https://ideas.repec.org/a/vrs/crknos/v3y2013i1p28-48n3.html
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ABSTRACT:
Art in its various forms has been valued at different prices at different points in time. Whether
these are fair remuneration or not can not easily be established. This paper delves into the
economic factors responsible for pricing of various art forms. After looking at economic theories
like the Baumol Cost Theorem, the Aesthetic Theory, and the Hedonic Price Theory, it was found
that besides these factors, social, economic, and political factors played an equally important
role. Preferences and tastes of the buyer as well as the places where these art forms were
displayed tended to influence the pricing of various art. Many times the valuation of particular
paintings, sculptures, plays, music, poetry, etc. increased after the death of the artist. This then
puts into perspective that it is not only economic factors that can explain the pricing but various
other noneconomic factors and aspects, which are not in a position to be valued, are important.
The paper looks into all the above factors with examples of Broadway and the Louvre to explain
different types of valuation.
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