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1 results

  • 5 - Structure

  • Amy Whitaker, New York University
  • Book:
    Economics of Visual Art
    Published online:
    23 July 2021
    Print publication:
    12 August 2021, pp 129-154

  • 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.