Risks in Renaissance Art: Production, Purchase, and Reception

This Element represents the first systematic study of the risks borne by those who produced, commissioned, and purchased art, across Renaissance Europe.

It employs a new methodology, built around concepts from risk analysis and decision theory.

The Element classifies scores of documented examples of losses into 'production risks', which arise from the conception of a work of art until its final placement, and 'reception risks', when a patron, a buyer, or viewer finds a work displeasing, inappropriate, or offensive.

Significant risks must be tamed before players undertake transactions.

The Element discusses risk-taming mechanisms operating society-wide: extensive communication flows, social capital, and trust, and the measures individual participants took to reduce the likelihood and consequences of losses.

Those mechanisms were employed in both the patronage-based system and the modern open markets, which predominated respectively in Southern and Northern Europe.