International Journal of Social Science & Economic Research
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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
[3] . Chrysagis, P. K. &. E. (2020). Crafting values: economies, ethics and aesthetics of artistic valuation. ideas.repec.org. https://ideas.repec.org/a/taf/jculte/v13y2020i6p663-671.html
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[8] . Baumol’s cost disease | Economics | Research Starters | EBSCO Research. (n.d.). EBSCO. https://www.ebsco.com/research-starters/economics/baumols-cost-disease
[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
[10] . Menger, P. (2006). Artistic labor markets: contingent work, excess supply and occupational risk management. https://econpapers.repec.org/bookchap/eeeartchp/1-22.htm
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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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