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Spring 2023

ISSN 0890-913X

Volume 38, Number 1

Shades of Gray: Product Differentiation in Antiquities Markets

Anja Shortland, King’s College, London

Sami Fortune Winton, Cranfield University

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TheJournalofPrivateEnterprise38(1),2023,1-27ShadesofGray:ProductDifferentiationinAntiquitiesMarketsAnjaShortlandKing’sCollege,LondonSamiFortuneWintonCranfieldUniversityAbstractThemarketforantiquitiesischaracterizedbyqualityuncertaintyintwosenses.First,mostmarketparticipantscannotdistinguishbetweengenuineantiquities,fakes,andforgeries.Second,itisdifficulttoidentifystolen,looted,andillegallycirculatingartifacts.Tradinginhigh-qualityantiquitiesthusrequiressolvinganAkerlofianlemonsproblemintwodimensions.However,becausequalityissoopaque,manybuyersareindifferenttooneorbothdimensions.Thiscreateswhatmightbetermedalemonsopportunity:entrepreneurscreateinstitutionstomaintainseparateplatformsfortradingartifactsofdifferentqualityprofiles.Weanalyzetheprivatefor-profitgovernancethatfacilitatestransactionsineightsubmarketsandprotectsthemfromcriminality,opportunism,andlawenforcement.Keywords:antiquities,cultural-heritagecrime,privategovernance,Akerlof,institutionaleconomicsI.IntroductionThehighlypublicizedtroubleoftheMuseumoftheBibleinWashington,DC,paintsadirepictureofthemarketforantiquities.Inamassiveandsustainedbuyingspree,theGreenfamilyspentafortuneacquiringthousandsofancientartifacts.Hundredswerelaterproventohavebeenlootedfromconflictzones,illicitlyexcavated,orstolenfrommuseums,churches,oruniversitycollections(NationalPublicRadio2020).Equallyembarrassingly,thecollectionwasrevealedtoberiddledwithfakesandforgeries—includingoneofthemuseum’skeyexhibits:itsentirecollectionofDeadSeaScrollfragments(Shugaretal.2019).Afterfightingandlosingseveralrestitutionandrepatriationclaims,themuseumeventuallydecidedtogiveupallartifactsthatlackedfullandlegitimateprovenance.Afterthismassiveclear-out,onlyonecuneiforminscription,fifteenpapyrusfragments,andsix

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Metadata [hide]

Title	Shades of Gray: Product Differentiation in Antiquities Markets
Authors/Creators:	Anja Shortland, King’s College, London Sami Fortune Winton, Cranfield University
Year:	2023
Volume:	38
Number:	1
Pages:	1 - 27
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	antiquities, cultural-heritage crime, private governance, Akerlof, institutional economics

Citation:
Shortland, Anja; Fortune Winton, Sami / 2023. "Shades of Gray: Product Differentiation in Antiquities Markets." The Journal of Private Enterprise, 38(1): 1-27.