Art and the Veblen Effect - artmarketblog.com No, it’s not a typo or a made up word - there is such a thing as a Veblen Effect. First of all, a Veblen good is basically a type of status symbol that people purchase...
over the past month or so are, however, not being snapped up. Now that Hirst isn’t setting various price related records left, right and centre and isn’t appearing in the headlines as the most expensive living artist - the appeal of his work has declined and the gloss is wearing off.
There are plenty of artists whose work could be called a Veblen good but I think Hirst is the best example as he was the most desirable artist at the peak of the art market boom which means that if people weren’t just buying his work as an expensive trophy, he should have continued to be the most desirable artist. And he isn’t.
to be continued…..
**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.
