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Hedonic Models and Pre-Auction Estimates: Abstract Art Revisited

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Author Info
Robert Sproule () (Bishop's University)
Calin Valsan () (Bishop's University)

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Abstract

We 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.

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File URL: http://economicsbulletin.vanderbilt.edu/2006/volume26/EB-06Z10132A.pdf
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Publisher Info
Article provided by Economics Bulletin in its journal Economics Bulletin.

Volume (Year): 26 (2006)
Issue (Month): 5 ()
Pages: 1-10
Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Handle: RePEc:ebl:ecbull:v:26:y:2006:i:5:p:1-10

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Postal: Economics Bulletin, Department of Economics, 414 Calhoun Hall, Vanderbilt University, Nashville TN 37235, USA
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Related research
Keywords: Abstract Expressionism Art Auctions Hedonic Models Pre-auction Estimates

Find related papers by JEL classification:
Z1 - Other Special Topics - - Cultural Economics
D4 - Microeconomics - - Market Structure and Pricing

References listed on IDEAS
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  1. 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.
  2. Corinna Czujack & Maria Fraga O. Martins, 2004. "Do art specialists form unbiased pre-sale estimates? An application for Picasso paintings," Applied Economics Letters, Taylor and Francis Journals, vol. 11(4), pages 245-249, March. [Downloadable!] (restricted)
  3. 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. [Downloadable!]
  4. 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. [Downloadable!] (restricted)
  5. Richard J. Agnello, 2002. "Investment Returns and Risk for Art: Evidence from Auctions of American Paintings," Eastern Economic Journal, Palgrave Macmillan Journals, vol. 28(4), pages 443-463, Fall. [Downloadable!] (restricted)
  6. Luc Renneboog, 2002. "The monetary appreciation of paintings: from realism to Magritte," Cambridge Journal of Economics, Oxford University Press, vol. 26(3), pages 331-358, May.
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  7. Ashenfelter, Orley, 1989. "How Auctions Work for Wine and Art," Journal of Economic Perspectives, American Economic Association, vol. 3(3), pages 23-36, Summer. [Downloadable!] (restricted)
  8. 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. [Downloadable!] (restricted)
    Other versions:
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