Skip to main content


Weitere Artikel dieser Ausgabe durch Wischen aufrufen

20.09.2019 | Ausgabe 1-2/2020 Open Access

Public Choice 1-2/2020

Governance under the shadow of the law: trading high value fine art

Public Choice > Ausgabe 1-2/2020
Anja Shortland, Andrew Shortland
Wichtige Hinweise

Publisher's Note

Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.


The market for paintings by well-known artists is booming despite widespread concern about art crime and difficulties in establishing provenance. Public law enforcement is imperfect, and court cases often are deemed problematic. So how is the thriving art market governed in practice? We analyze the protocols used by the top auction houses to identify and resolve problems of illicit supply—fakes, forgeries and items with defective legal titles—through the lens of institutional analysis. We uncover a polycentric private governance system in which different actors govern distinct but overlapping issue areas, motivated by profit, prestige, or the search for truth. When the financial stakes rise, opportunistic behavior undermines the credibility of private governance. We argue that as litigious, super-rich investors entered the art market, the interaction between public law and the traditional private governance system restricted the supply of “blue chip” art, driving the escalation of prices.

Unsere Produktempfehlungen

Basis-Abo der Gesellschaft für Informatik

Sie erhalten uneingeschränkten Vollzugriff auf die Inhalte der Fachgebiete Business IT + Informatik und Management + Führung und damit auf über 30.000 Fachbücher und ca. 130 Fachzeitschriften.

Premium-Abo der Gesellschaft für Informatik

Sie erhalten uneingeschränkten Vollzugriff auf alle acht Fachgebiete von Springer Professional und damit auf über 45.000 Fachbücher und ca. 300 Fachzeitschriften.

Über diesen Artikel

Weitere Artikel der Ausgabe 1-2/2020

Public Choice 1-2/2020 Zur Ausgabe

Premium Partner