The law of one price,noise and “irrational exuberance”: the auction market for Picasso prints

We use prices realized for Picasso prints at auctions worldwide, as well as the 100 prints that comprise his Vollard Suite, to test the law of one price: the proposition that identical art objects sold contemporaneously should command the same price regardless of the auction house or geographic region where the sale takes place. Picasso is the most prolific printmaker of the twentieth century and, from 1977 to 2004, his prints appreciated in price significantly faster than the prints of modern masters as a whole. We find that Picasso prints sold in the United States command higher prices than in Europe. However, prices realized at Sotheby’s in New York are no longer higher than at Christie’s in New York, nor at Kornfeld than at other auction houses. We find evidence of “irrational exuberance” in the transitory nature of the extraordinary prices realized for the Picasso prints included in the 1997 sale of the collection of Victor and Sally Ganz at Christie’s in New York. More generally, we find substantial noise in auction outcomes, a result well known to savvy auction goers.

Geographic clustering of economic activity: The case of prominent western visual artists

This article compiles original data relating to artists’ place of birth and work migration patterns using various art history dictionaries. The broad historic pattern, from the 13th to the 20th century, of the birth locations of prominent artists is examined, followed by a detailed study of the work migration patterns of prominent artists in two important situations, namely Renaissance Italy and France in part of the 19th century. The evidence indicates a marked clustering of activity of prominent artists, both arising from birth location and migration patterns. Some possible explanations for the observed patterns are briefly outlined.

Two games in town: a comparison of dealer and auction prices in contemporary visual arts markets

The article tests a couple of hypotheses relating to markets where demand is not taken as a given, but subject to sophisticated and encompassing price-building strategies. The study uses a data set that provides quoted dealer prices for medium-sized works of 100 leading visual artists from 1970 to 2004. These data are compared with auction price results for works by the same artists. The study reports significant discrepancies with respect to the relationship between the age of artists and prices paid for their works in the two markets, and with respect to general price developments in the two markets as measured by indices.

A Policy Entrepreneur in the Information Society: Shaping the Interdisciplinarity of Brain Research in Korea

This paper aims to show the historical contingency of policy entrepreneurship in science by analyzing the case of brain research in South Korea during the last decade of the 20th century. This decade saw an increasing emphasis placed upon the development of information technology and its use for societal changes. The rise of the “Information Society” in Korea was an important context for shaping the field of brain research as an amalgam of multiple disciplines which led to the passage of the Brain Research Promotion Act; the first law in the world enacted to promote brain research. This paper, through focusing on in what context someone takes up an entrepreneurial role, shows how the concept of interdisciplinarity has been shaped by, and how it has influenced the development of brain research and its related policy measures in Korea. It ultimately reveals the contingent and transient aspect of a policy entrepreneur and his effect on building a new field.     

The Grand Challenges Discourse: Transforming Identity Work in Science and Science Policy

This article analyzes the concept of “grand challenges” as part of a shift in how scientists and policymakers frame and communicate their respective agendas. The history of the grand challenges discourse helps to understand how identity work in science and science policy has been transformed in recent decades. Furthermore, the question is raised whether this discourse is only an indicator, or also a factor in this transformation. Building on conceptual history and historical semantics, the two parts of the article reconstruct two discursive shifts. First, the observation that in scientific communication references to “problems” are increasingly substituted by references to “challenges” indicates a broader cultural trend of how attitudes towards what is problematic have shifted in the last decades. Second, as the grand challenges discourse is rooted in the sphere of sports and competition, it introduces a specific new set of societal values and practices into the spheres of science and technology. The article concludes that this process can be characterized as the sportification of science, which contributes to self-mobilization and, ultimately, to self-optimization of the participating scientists, engineers, and policymakers.     

From a Means to an End: Patenting in the 1999 Danish ‘Act on Inventions’ and its Effect on Research Practice

This paper examines the potential pitfalls for academic research associated with goal displacements in the implementation of goals and indicators of research commercialization. We ask why patenting has come to serve as the key policy indicator of innovative capacity and what consequences this has for the organization of academic research. To address these questions, the paper presents a case study from Denmark on, firstly, why and how the 1999 Danish ‘Act on Inventions’ introduced patenting as a central instrument to Danish science policy and, secondly, the effects the Act has had on Danish university organization and research practices. We trace why and how commercialization was introduced as an important objective in Danish science policy since the 1980s. The increased focus on patents is explained as an isomorphic adjustment to an international ‘science policy field,’ manifested in particular through OECD statistics, where patenting has come to serve as a key metric in international rankings. In a second step, we examine what effects the patenting requirements have had on organization and research practice at a Danish university. We show that in practice ‘number of patents’ changed from serving as an indicator of innovative capacity to being a policy goal in itself, thus in effect producing a goal displacement that is potentially damaging for both academic research and innovation capacity of the surrounding society. As a consequence of this goal displacement, active scientists now increasingly engage in patenting primarily as a means to fulfill organizational targets and to increase their ‘fundability,’ rather than to promote commercial applications of their research. In conclusion, we discuss how these unfulfilled policy ambitions have led to a retrospective redefinition of policy goals rather than an adjustment of the actual policy tools.     

Situated Knowledge Production,International Impact: Changing Publishing Practices in a German Engineering Department

In this paper, I analyze how recent calls to internationalize publication behavior affect research practices at an automotive engineering department in Germany. Automotive engineering is a field with traditionally rather scarce publication activity and strong connections to industry. Substantial authority to define suitable research problems and ways of organizing knowledge production on a daily basis was therefore reserved for local academic elites as well as corporate partners. However, as engineers are increasingly expected to prove their performance through publishing in international peer-reviewed journals, the judgment as to what should be considered “interesting” or “robust” research is partly relegated to a gradually globalizing community of academic peers. This generates a variety of tensions with established ways of coordinating epistemic work at the department studied here. For example, the thematic interests of journals tend to exert a disruptive centrifugal pull in the context of an otherwise highly modular research culture, and possibilities to publish in international venues are unequally distributed across individual research projects. But while department members agree that there is a lack of fit between current practices and new expectations towards their publishing behavior, their opinions about the conclusions that should be drawn differ significantly. Some researchers argue that profound organizational changes are necessary to foster the academic rigor of German engineering research. Others believe that evaluation criteria should simply be adapted. This situation is arguably characteristic for research areas with a traditionally strong orientation to local stakeholders, and it suggests a need for more deliberative, participatory approaches to research evaluation in such fields.     

Projectification of Doctoral Training? How Research Fields Respond to a New Funding Regime

Funding is an important mechanism for exercising influence over ever more parts of academic systems. In order to do so, funding agencies attempt to export their functional and normative prerequisites for financing to new fields. One essential requirement for fundees is then to construct research processes in the form of a project beforehand, one that is limited in time, scope and content. This article demonstrates how the public funding of doctoral programs expands this model of project research from experienced academics to the socialization process for the new academic generation. This process of “projectification” underlies funding-driven institutional changes in doctoral training. A multi-level comparative study of German policies, funding mechanisms and organizational frameworks for doctoral training demonstrates the emergence of a specific model of predefined PhD projects. The investigation of doctoral training practices reveals that socio-epistemic preconditions regulate whether research fields adopted or rejected this demanding model. This result contradicts widespread claims about a radical change in doctoral training and suggests focusing on the actual practices of field-specific doctoral research.     

Beyond Private and Public Research: The Legal and Organizational Reality Behind Industrial Research Institutes in Interwar France

The initiatives attempting to forge links between the academia and the industry flourished in France after World War I. The so-called “industrial institutes” shared a common goal: to reinvigorate the French economy through science. Because of their focus on applied research, they differed from traditional engineering schools that usually neglected laboratory work and innovation. However, while the industrial institutes were a distinct category that shows broader trends in science-industry relations, from a formal point of view they did not constitute a coherent category. The term “institute” was ambiguous and applied to various legal and administrative arrangements. While the French state attempted to unify terminology by introducing “faculty institutes” through the 1920 Decree on the constitution of universities, the measure was not sufficient to englobe all types of institutions. The diversity of organizational realities behind the industrial institutes is, however, useful for analyzing power structures and hierarchies in a given industrial sector. The legal form of an industrial institute was conditioned by the state and the robustness of the industry that funded it. As such, the history of the French industrial institutes may constitute a fertile ground for broader analyses on the impact of power relations on the legal reality behind the initiatives uniting science and industry.     

The Way We Ask for Money… The Emergence and Institutionalization of Grant Writing Practices in Academia

Although existing scholarship offers critical insights into the working mechanisms of project-based research funding, little is known about the actual practice of writing grant proposals. Our study seeks to add a longitudinal dimension to the ongoing debate on the implications of competitive research funding by focusing on the incremental adjustment of the funder/fundee relationship around a common discursive practice that consists in describing and evaluating research projects: How has the perception of what constitutes a legitimate funding claim changed over time and why? By investigating the normative framework enacted in the justification strategies of applicants, we shed light on the historical coevolution of the increasing competition for project funding, the epistemic culture of applicants, and grant writing rhetoric. To do this, we mobilize a comprehensive data set consisting of archival data from Europe’s oldest and largest funding agency, the Deutsche Forschungsgemeinschaft, as well as a corpus of 80 successful grant proposals written between 1975 and 2005. We find that the 1990s mark an important normative consolidation of what we consider to be a legitimate funding claim: Ensuring the success of the project and the project’s results becomes a major concern in applicant rhetoric. This time period coincides with a substantive rise in the level of competition for project funding. Yet, even though justification strategies might seem to address the same issues in grant proposals across the disciplines under investigation, the normative framework to which applicants refer differs according to the applicant’s epistemic culture.