... important the size, the function,and the period of the production. The market for sculptures has characteristics that make it di¤erent fromother markets for collectibles. Although similar to the market ... be due to the characteristics of the market for sculptures, asillustrated in Section 1. In fact, the demand for this kind of collectibles is ex-pected to be rather inelastic, so that the returns ... W.W.Pommerehene (1989), Muses and Markets; Explorationsin the Economics of the Arts, Oxford, Basil Blackwell.FreyB.S.and R.Eichenberger (1995), On therate of return in the art market: Survey and evaluation,...