Art economics problems

7/19/2013: Clearly state your assumptions and provide appropriate figures and explanations:

1) From the NYT today: Should the bankrupt city of Detroit sell its $2 billion art collection to help pay its $18 billion in debt?

2) From the NYT yesterday: A Romanian mother burned ~$250 million worth of stolen impressionist paintings in her sauna stove. What were the possible effects on the total market value of impressionist art, and on social welfare? 

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One Response to Art economics problems

  1. Anonymous says:

    You’re no art professor. Picasso was a cubist.

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