Senior Associate Dean of the International Business School, and Fred and Rita Richman Distinguished Professor in Economics


Ph.D., Princeton University

Field of Specialty

economics of the arts, art auctions, investment returns to violins, price discrimination and anti-competitive behavior

Contact Information

Sachar International Center 203

Personal Web Page

Kathryn Graddy

My research interests are in the fields of the economics of art and culture and industrial organization. Specifically, recent work has been in the areas of creativity of artists, auction guarantees, behavioral economics of auction prices, and investment returns to violins. I enjoy teaching all levels of microeconomics, game theory, and industrial organization, along with an interdisciplinary course on the economics of the arts.

My homepage is located at http://people.brandeis.edu/~kgraddy/


Graddy, Kathryn/Jonathan Hamilton. "Auction House Guarantees for Works of Art." Journal of Economic Behavior and Organization (2017). (forthcoming)

Graddy, Kathryn, Rachel Pownall. "Pricing Color Intensity and Lightness in Contemporary Art Auctions." Research in Economics 70. 3 (2016): 412-420.

Graddy, Kathryn. "Death, Bereavement, and Creativity." August 2015.

Graddy, Kathryn. "Ethical Conflicts." Rev. of Art, Cultural Heritage and the Market, Ethical and Legal Issues, by Valentina Vadi and Hildegard E.G.S. Schneider, editors. The Art Newspaper January 2015: 60.

Graddy, Kathryn. "Taste Endures! The Rankings of Roger de Piles (†1709) and Three Centuries of Art Prices." Journal of Economic History 73. 3 (2013): 766-791.

Graddy, Kathryn. Old Italian Violins: A New Investment Strategy. Brandeis University: 2013.

Graddy, Kathryn, Jon Hamilton and Rachel Campbell. "Repeat Sales Indexes: Estimation Without Assuming that Errors in Asset Returns are Independently Distributed." Real Estate Economics 40. spring (2012): 131-166.

Graddy, Kathryn, Hall, George. "A Dynamic Model of Price Discrimination and Inventory Management at the Fulton fish Market." Journal of Economics Behavior and Organization 80. 1 (2011): 6-19.

Graddy, Kathryn, and Orley Ashenfelter. "Sale Rates and Price Movements in Art Auctions." American Economic Review Paper and Proceedings 101. 3 (2011): 212-216.

Graddy, Kathryn; Chanont Banternghansa. "The Impact of the Droit de Suite in the UK: An Empirical Analysis." Journal of Cultural Economics 35. 2 (2011): 81-100.

Graddy, Kathryn; Philip Margolis. "Fiddling with Value: Violins as an Investment?." Economic Inquiry 49. 4 (2011): 1083-1097.

Ashenfelter, Orley and Kathryn Graddy. "Art Auctions." A Handbook of Cultural Economics. 2nd ed. Ed. Ruth Towse. Edward Elgar, 2010

Graddy, Kathryn and Peter Kennedy. "When are Supply and Demand Determined Simultaneously?." Eastern Economic Journal 36. Spring (2010): 188-197.

Paul Krugman, Robin Wells, Graddy, Kathryn. Essentials of Economics, 2e. Second Edition ed. Worth Publishers, 2010.

Graddy, Kathryn. "A Note on Robust Estimation of Repeat Sales Indexes with Serial Correlation in Asset Returns." September 2009.

Graddy, Kathryn. "Book Review: Don Thompson's The $12 Million dollar shark: The Curious Economics of Contemporary Art." Rev. of The $12 Million Dollar Shark: The Curious Economics of Contemporary Art, Journal of Cultural Econoimcs vol. 33 May 2009: 233-237.

Graddy, Kathryn; Alan Beggs. "Anchoring Effects: Evidence from Art Auctions." American Economic Review 2009. June (2009): 1027-1039.

Graddy, Kathryn; Alan Beggs. "Failure to Meet the Resserve price: The Impact on the Returns to Art." Journal of Cultural Economics 2008. 32 (2008): 301-320.

Courses Taught

BUS 120a Organizational Behavior in Business
ECON 80a Microeconomic Theory
ECON 135a Industrial Organization
ECON 181b Game Theory and Economic Applications
ECON 302a Advanced Microeconomics II
ECON 399a Dissertation Workshop
ECON/FA 87a Economics and the Arts