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5 - Structure

Published online by Cambridge University Press:  23 July 2021

Amy Whitaker
Affiliation:
New York University
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Summary

Market structure is the type of overall market we see in different situations. A theoretical starting point in economics is the idea of the perfectly competitive market in which the market itself sets the price, there are uniform goods, and there is mobility of resources. In many markets, there are concentrations of power and there is complexity. We study in depth the price-fixing scandal that unfolded between Christie’s and Sotheby’s auction houses in the 1990s, owing to the duopolistic market structure between the two firms. Substantial litigation ensued with fines and penalties around $512 million. We consider US tests for market concentration and monopolistic power.

Type
Chapter
Information
Economics of Visual Art
Market Practice and Market Resistance
, pp. 129 - 154
Publisher: Cambridge University Press
Print publication year: 2021

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  • Structure
  • Amy Whitaker, New York University
  • Book: Economics of Visual Art
  • Online publication: 23 July 2021
  • Chapter DOI: https://doi.org/10.1017/9781108649919.007
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  • Structure
  • Amy Whitaker, New York University
  • Book: Economics of Visual Art
  • Online publication: 23 July 2021
  • Chapter DOI: https://doi.org/10.1017/9781108649919.007
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Structure
  • Amy Whitaker, New York University
  • Book: Economics of Visual Art
  • Online publication: 23 July 2021
  • Chapter DOI: https://doi.org/10.1017/9781108649919.007
Available formats
×