Wednesday, September 30, 2015

"But the most curious aspect of deaccessioning norms is their incoherence."

Brian Frye has a really interesting post on deaccessioning over at the Nonprofit Law Prof Blog.  He has some very generous things to say about my writings on the subject, building up to the following point:

"As any economist knows, incentives matter. So what are the incentives for deaccessioning norms? The art market depends on scarcity. For most works of authorship, scarcity is ensured by copyright. But the art world is unusual in that the scarcity of artworks is ensured by the fact that they are unique or artificially limited objects. In other words, the value of artworks is maintained by the fact that there is a limited number of works on the market. At least in part because a vast number of artworks are in the collection of museums, which are largely prevented from selling those works by deaccessioning norms. How do museums obtain those works? Often by donation, typically from the very people who buy and sell those works for profit. The people who donate works to museums have a vested interest in ensuring that donated works stay out of the market, in order to ensure scarcity."