Protecting the national artistic patrimony : an economics perspective

This paper analyses the rationale for restricting the international trade in art, namely protection of the national artistic patrimony. The meaning of national patrimony is analysed and rationales for state ownership and interventions in the art market analysed in light of the non-private benefits that this category of art produces. Distributional concerns in the international movement of art are considered along with the 'endowment effect' that can arise when dealing with potential transactions of patrimony art. Finally the paper provides a taxonomy of restrictions used to prevent art objects leaving a nation namely export restrictions, import regulations, and tax policies and incentives.