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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? 

One Comment

  1. Anonymous 07/19/2013

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

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