Project Objective: The DALMI research consortium is an international team based at Duke University. The team is engaged in advanced research on art and markets, past and present, and focuses on previously unavailable information about economic forces, cultural determinants and the role of all kinds of externalities that drive and influence global art markets, broadly defined.
To accomplish this, our team conducts research on:
(1) hybrid combinations of new art historical, legal and econometric approaches, as well as new types of data visualization to study large aggregates of art market data to generate new fundamental questions and methodologies applicable both in academe as in the international commercial art circuits (auction houses, art dealerships, art galleries, and art hedge funds).
(2) clusters of buyers, collectors, peer effects, areas, price series from auction, and define lesser known clusters of characteristics, which buyers project in art works to maximize utility;
(3) international (and often imperfect) sales data to map markets, past and present, and their interaction on a global scale with specific regulatory and cultural environments;
(4) the factors that define art as a consumer good or an asset class (Mandel, 2009).Here the focus is on price, rational and irrational choice, legislation, consumer preferences and use the result of these findings through economic theory regarding the role of rationality and irrationality in purchasing and investment decision;