Hedonic Models and Pre-Auction Estimates: Abstract Art Revisited
AbstractWe investigate the predictive power of hedonic models compared to that of pre-auction estimates in the context of art auctions. We use a panel data consisting of abstract paintings and a methodology that employs the estimates as instrumental variables in the framework of a hedonic regression model. The results suggest that hedonic models have no better predictive power than that of the estimates. Pre-auction estimates appear to fully account for the available public information on works of art.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 26 (2006)
Issue (Month): 5 ()
Contact details of provider:
Find related papers by JEL classification:
- Z1 - Other Special Topics - - Cultural Economics
- D4 - Microeconomics - - Market Structure and Pricing
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Clare M D'Souza & David Prentice, 2001.
"Auctioneer Strategy and Pricing: Evidence from an Art Auction,"
2001.05, School of Economics, La Trobe University.
- BAUWENS, Luc & GINSBURGH, Victor, .
"Art experts and auctions are pre-sale estimates unbiased and fully informative?,"
CORE Discussion Papers RP
-1485, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Luc BAUWENS & Victor GINSBURGH, 2000. "Art experts and auctions Are pre-sale estimates unbiased and fully informative?," Discussion Papers (REL - Recherches Economiques de Louvain) 2000022, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- Victor Ginsburgh & Luc Bauwens, 2000. "Art experts and auctions :are pre-sale estimates unbiased and fully informative," ULB Institutional Repository 2013/152099, ULB -- Universite Libre de Bruxelles.
- Ashenfelter, Orley, 1989. "How Auctions Work for Wine and Art," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 23-36, Summer.
- Beggs, A. & Graddy, K., 1996.
"Declining Values and the Afternoon Effect: Evidence from Art Auctions,"
Economics Series Working Papers
99184, University of Oxford, Department of Economics.
- Alan Beggs & Kathryn Graddy, 1997. "Declining Values and the Afternoon Effect: Evidence from Art Auctions," RAND Journal of Economics, The RAND Corporation, vol. 28(3), pages 544-565, Autumn.
- Chanel, O. & Gerard-Varet, L.A., 1996. "Auction Theory and Practice Evidence from the Market for Jewellery," G.R.E.Q.A.M. 96b05, Universite Aix-Marseille III.
- Robert Ekelund & Rand Ressler & John Watson, 1998. "Estimates, Bias and “No Sales” in Latin-American Art Auctions, 1977–1996," Journal of Cultural Economics, Springer, vol. 22(1), pages 33-42, March.
- Werner Pommerehne & Lars Feld, 1997. "The Impact of Museum Purchase on the Auction Prices of Paintings," Journal of Cultural Economics, Springer, vol. 21(3), pages 249-271, September.
- Corinna Czujack & Maria Fraga Martins, 2004. "Do art specialists form unbiased pre-sale estimates? An application for Picasso paintings," Applied Economics Letters, Taylor & Francis Journals, vol. 11(4), pages 245-249.
- Richard J. Agnello, 2002. "Investment Returns and Risk for Art: Evidence from Auctions of American Paintings," Eastern Economic Journal, Eastern Economic Association, vol. 28(4), pages 443-463, Fall.
- Jianping Mei & Michael Moses, 2005. "Vested Interest and Biased Price Estimates: Evidence from an Auction Market," Journal of Finance, American Finance Association, vol. 60(5), pages 2409-2435, October.
- Ventura Charlin & Arturo Cifuentes, 2013. "A new financial metric for the art market," Papers 1309.6929, arXiv.org, revised Dec 2013.
- Charlin, Ventura & Cifuentes, Arturo, 2013. "A new financial metric for the art market," MPRA Paper 50186, University Library of Munich, Germany.
- François Maréchal & Pierre-Henri Morand, 2012. "The public release of information in first-price sealed-bid auctions," Review of Economic Design, Springer, vol. 16(4), pages 323-330, December.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (John P. Conley).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.