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<p>[QUOTE=&quot;Nerva, post: 2780956, member: 87761&quot;]Sure, economics has plenty to say about it. It&#039;s hard to generalise from markets in very rare or unique items, and lots of challenge to data, so few top-flight economists have had much to say about art and collectibles markets. Montias is major exception; he was an economist with serious interest in art history. Mechanistically applying supply and demand curves doesn&#039;t get you far, but there are lots of other useful ideas, particularly from behavioural economics that looks at things like status. It requires a lot of subtlety in moving between model and real-world. Point isn&#039;t that you can&#039;t overpay (I&#039;ve done so plenty of times!). It&#039;s just that the fact some people pay more than they needed to doesn&#039;t invalidate supply and demand analysis. People overpay in all markets.[/QUOTE]</p><p><br /></p>

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