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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:ProductDifferentiationinAntiquitiesMarketsAnjaShortlandKingsCollege,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,thecollectionwasrevealedtoberiddledwithfakesandforgeriesincludingoneofthemuseumskeyexhibits:itsentirecollectionofDeadSeaScrollfragments(Shugaretal.2019).Afterfightingandlosingseveralrestitutionandrepatriationclaims,themuseumeventuallydecidedtogiveupallartifactsthatlackedfullandlegitimateprovenance.Afterthismassiveclear-out,onlyonecuneiforminscription,fifteenpapyrusfragments,andsix
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