The dismal science tackles the art world

Two professors from my alma mater, NYU Stern, are mentioned in an article from today's NY Times about economic analysis of the art market. They and others studying art's economic aspects have come up with some rather interesting findings, including purchases of masterpieces tend to be poor investments. Since economics is basically the study of human choices, it might offer some insights into how we pick what we like.

"A persistently high demand for artistic innovation has produced a regime in which conceptual approaches have predominated," Mr. Galenson wrote in a paper. "The art world has consequently been flooded by a series of new ideas, usually embodied in individual works, generally made by young artists who have failed to make more than one significant contribution in their careers."

We can only hope for such a fate for some of the current superstars.