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INTERTEMPORAL VALUE: ECONOMIC TRAJECTORY OF PIROSMANI PAINTING

Manana Lobzhanidze

First published: 2025https://doi.org/10.35603/sws.iscss.2025/s02.20View metrics

Abstract

The article examines the transformation of the value of Niko Pirosmani's paintings over time in the economic and cultural context of the art market. The analysis shows how the value and price of the artist's paintings changed between 1900 and 2025, from zero value to high international premium levels. The research methodology uses the Bloomberg database. In relation to time, the price index, secondary sales index, and hedonic price index are analyzed. A comparative analysis is conducted with Basquiat’s and Frida Kahlo’s works. The paper identifies the key factors that determine the growth in the value of Pirosmani's works: cultural symbolism, market demand, uniqueness, and international recognition. The analysis demonstrates that Pirosmani's artistic heritage, once overlooked, has transformed into a symbol of Georgian national identity and a premium product in the global art market. Furthermore, the article substantiates the trajectory of the transformation of Pirosmani's painting into an economic instrument of Georgian cultural identity. The analysis concludes with strategic recommendations aimed at the economic capitalization of Georgia's cultural heritage and strengthening its art diplomacy on the international stage. The results highlight the importance of institutional recognition, public-private partnerships, and digital innovation in elevating the global value of Pirosmani’s work.

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Publication details

Title
INTERTEMPORAL VALUE: ECONOMIC TRAJECTORY OF PIROSMANI PAINTING
Authors
Manana Lobzhanidze
Proceedings
Proceedings of 12th SWS International Scientific Conference on Social Sciences - ISCSS 2025
Publisher
SGEM WORLD SCIENCE (SWS) Scholarly Society
Year
2025
Pages
161-168
SWS Citekey
Lobzhanidze20256161168
ISSN
2682-9959
ISBN
978-3-903438-16-3
Language
en
Publication type
Proceedings Paper
Keywords
intertemporal valuePirosmanipaintingeconomic trajectory
References7

  1. Bloomberg, Results for “Pirosmani”, Sothbery’s, https://www. sothebys. com/en/search?query=Pirosmani&tab=objects&sortBy=bsp_dotcom_prod_en&redirect=true

  2. Japaridze, T., “Niko Pirosmani – Life and Creativity”, Burusi, 2009, https:// shorturl.at/gJcwT

  3. Verulava, T., Analysis of Pirosmani's paintings, Burusi, 2009, https:// shorturl.at/33Qcp

  4. Japaridze, T., "The Silence of Painting", Burusi, 2009, https://shorturl.at/vV39l

  5. Throsby, D. Zednik, A., The Economic and Cultural Value of Paintings: Some Empirical Evidence, Handbook of the Economics of Art and Culture, vol. 2, pp. 81-99, 2014, DOI: 10.1016/B978-0-444-53776-8.00004-0

    View DOICrossrefGoogle ScholarWeb of ScienceScopusOpenCitations

  6. MA Mutual Art, Niko Pirosmani, https://www.mutualart.com/Artist/Niko-Pirosmani/39625F3B7543B029

  7. Frida Kahlo and her paintings, https://www.fridakahlo.org/

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