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Going global: markups and product quality in the Chinese art market
We analyze two reasons for export prices to be different across markets ? namely, quality differentiation and variable markups ? and attempt to parse their relative importance and some of their underlying drivers. To overcome the substantial measurement issues in this task, we consider a particular industry as a special case: Chinese fine art. The simplicity of the supply-side of art vis--vis marginal cost and the wealth of data on its quality characteristics make it possible to separately identify the markup and quality components of international relative prices for Chinese artwork. Through ...