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Beyond Price
Value in Culture, Economics, and the Arts

Part of Murphy Institute Studies in Political Economy

Michael Hutter, David Throsby, Terry Smith, Richard Shusterman, Elizabeth Honig, Kurt Heinzelman, Steven Knopoff, Lourdes Arizpe, Richard Teichgraeber, Victor Ginsburgh, Sheila Weyers, Neil De Marchi, Carolyn Wilde, Marina Bianchi, Bruno Frey, Arthur Brooks, William Ivey
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  • Date Published: June 2011
  • availability: Available
  • format: Paperback
  • isbn: 9780521183000


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About the Authors
  • Much recent discussion surrounding valuation of the arts and culture, particularly in the policy arena, has been dominated by a concern to identify an economic and financial basis for valuation of art works, arts, activities and more general ways in which we express our culture. Whereas a great deal can be gained from a fuller understanding of the economic value of art, there is a real danger that financial considerations will tend to crowd out all other aspects of value. This book moves beyond the limitations implicit in a narrow economic approach, bringing different disciplinary viewpoints together, opening up a dialogue between scholars about the processes of valuation that they use and exploring differences and identifying common ground between the various viewpoints. The book's common theme – the tension between economic and cultural modes of evaluation – unites the chapters, making it a coherent and unified volume that provides a new and unique perspective on how we value art.

    • Multidisciplinary approach to questions of the economic and cultural value of art
    • Innovative perspectives on the valuation of art and culture in contemporary society
    • Accessible to non-specialist readers, as well as in economics, sociology, cultural studies, history and anthropology
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    Reviews & endorsements

    'Beyond Price is an important contribution to the growing interdisciplinary literature on the varied notions of “value” and in particular the conflicts between traditional economics-centered and culture-centered conceptions of value. These issues are of great moment in all cultural disciplines, including cultural economics, the home field of the collection. The book moves the literature a step ahead by focusing on how and why the methodological innovations implied by this work should be implemented. The contributing scholars are first-rate, and Hutter and Throsby themselves have very strong and distinguished reputations in the field of cultural economics.' Randall Mason, University of Pennsylvania

    'Beyond Price is a stimulating collection of essays that expands the discussion on valuation of the arts far beyond the usual duality of market and aesthetic values. In its place, this volume offers a vastly more nuanced set of concepts concerning the processes by which art, music, and literature are accorded worth and significance. A wide range of readers will enjoy, and profit from, the book's lively dialogue among economists and cultural historians of various stripes.' Mark A. Meadow, University of California at Santa Barbara

    'Well-known economists of the arts and culture join with colleagues in other social sciences and in the humanities through a series of papers that were shared, revised in light of insights and new perspectives gained from other participants, and finally brought together in this collection. Recommended.' Choice Magazine

    'Different disciplinary viewpoints are combined to identify the processes of valuation that are used in the valuation of the arts and culture, and exploring differences and identifying common ground between the various viewpoints.' The Times Higher Education Supplement

    'Beyond Price is a rich source for anyone working on value in art and culture, and cultural production more generally. … the seventeen essays included in the volume provide an extensive and detailed overview of a multidisciplinary body of literature on value … an enriching read.' British Journal of Sociology

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    Product details

    • Date Published: June 2011
    • format: Paperback
    • isbn: 9780521183000
    • length: 334 pages
    • dimensions: 230 x 154 x 19 mm
    • weight: 0.5kg
    • contains: 6 b/w illus. 29 colour illus.
    • availability: Available
  • Table of Contents

    1. Value and valuation in art and culture: introduction and overview Michael Hutter and David Throsby
    Part I. Origins of Meaning:
    2. Creating value between cultures: contemporary Australian Aboriginal art Terry Smith
    3. Entertainment value: intrinsic, instrumental, and transactional Richard Shusterman
    4. Creating artistic from economic value: changing input prices and new art Michael Hutter
    Part II. The Creation of Value in Artistic Work:
    5. The creation of value by artists: the case of Hector Berlioz and the Symphonic Fantastique David Throsby
    6. Art, honor, and excellence in early modern Europe Elizabeth Honig
    7. Rubbish and aura: archival economics Kurt Heinzelman
    Part III. Continuity and Innovation:
    8. Value in Yolngu ceremonial song performance: continuity and change Steven Knopoff
    9. The ritual and the promise: why people value social ritual Lourdes Arizpe
    10. 'More than Luther of these modern days': the construction of Emerson's reputation in American culture 1882–1903 Richard Teichgraeber
    Part IV. Appreciation and Ranking:
    11. Quantitative approaches to valuation in the arts, with an application to movies Victor Ginsburgh and Sheila Weyers
    12. Confluence of cultural and economic values: three historical moments Neil De Marchi
    13. Agreements of judgements: Masaccio and the Chapmans Carolyn Wilde
    14. Time and preferences in cultural consumption Marina Bianchi
    Part V. Cultural Policies:
    15. What values should count in the arts? The tension between economic effects and cultural value Bruno Frey
    16. The public value of controversial art: the case of the Sensation exhibit Arthur Brooks
    17. Going to extremes: commerical and non-profit valuation in the U.S. arts system William Ivey.

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    Beyond Price

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  • Instructors have used or reviewed this title for the following courses

    • Art and Economics
    • Cultural Economics
    • Cultural Policy
  • Editors

    Michael Hutter, Social Science Research Center Berlin
    Michael Hutter is Director of the Research Unit 'Cultural Sources of Newness' at the Social Science Research Center Berlin and holds a Research Professorship at the Institute for Sociology of the Technical University Berlin.

    David Throsby, Macquarie University, Sydney
    David Throsby is Professor of Economics at Macquarie University in Sydney, Australia. He has published widely in the economics of the arts and culture, including most recently The Economics of Cultural Policy (Cambridge University Press, 2010).


    Michael Hutter, David Throsby, Terry Smith, Richard Shusterman, Elizabeth Honig, Kurt Heinzelman, Steven Knopoff, Lourdes Arizpe, Richard Teichgraeber, Victor Ginsburgh, Sheila Weyers, Neil De Marchi, Carolyn Wilde, Marina Bianchi, Bruno Frey, Arthur Brooks, William Ivey

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