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Quite a few economists hold the opinion that exorbitant prices paid for original works of art reflect an irrational cult made of unique pieces created by renowned artists; (close to) perfect copies would yield comparable benefits at a substantially lower price. The article gives reasons for the rationality of this seemingly irrational behavior and, among other things, explains the price difference between originals and their copies on a microeconomic basis.

“Money for Nothing”? Die Preisbildung von Originalkunstwerken und Kopien