The Powerful Affect of Provenance: The Analysis of Ownership History and its Influence on Value

摘要

The affect of provenance on value attributed to works of fine art and collectibles is a phenomenon that can only be attributed to the psychology of the art collector and the nature of the art world. This research hopes to analyze valuation factors as well as results taken from past auctions to determine the impact that specific types of provenance have on sale price. Art industry 'player' provenance encompasses those works of art previously owned by a notable art collector, a famous (or "infamous") dealer or an artist. Arguably, this type of provenance not only solidifies the authenticity of the piece, but also validates the aesthetic judgment of its purchaser. Art collectors often buy works of art for financial gain, with little-to-no knowledge or concept of aesthetic value. Does the presence of provenance tracking ownership by prominent art collectors, art dealers or artists themselves add value? Through case study of past auctions I will answer this question and offer behavioral theories to support it.