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Reconsidering hedonic art price indexes

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Author Info

  • Collins, Alan
  • Scorcu, Antonello
  • Zanola, Roberto

Abstract

Art price indexes typically rely on heavily biased samples for several reasons. A refined hedonic index is developed which explicitly addresses such concerns. An empirical illustration is then provided for Symbolist paintings appearing at auctions between 1990 and 2001.

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File URL: http://www.sciencedirect.com/science/article/B6V84-4W0R0H9-1/2/efa5ada0d5c4069af1098b40e38413ba
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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 104 (2009)
Issue (Month): 2 (August)
Pages: 57-60

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Handle: RePEc:eee:ecolet:v:104:y:2009:i:2:p:57-60

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Web page: http://www.elsevier.com/locate/ecolet

Related research

Keywords: Paintings Hedonic price Price index;

References

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  1. G. Donald Jud & Terry G. Seaks, 1994. "Sample Selection Bias in Estimating Housing Sales Prices," Journal of Real Estate Research, American Real Estate Society, vol. 9(3), pages 289-298.
  2. Ariel Pakes, 2003. "A Reconsideration of Hedonic Price Indexes with an Application to PC's," American Economic Review, American Economic Association, vol. 93(5), pages 1578-1596, December.
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Cited by:
  1. Bocart, Fabian Y.R.P. & Hafner, Christian M., 2012. "Econometric analysis of volatile art markets," Computational Statistics & Data Analysis, Elsevier, vol. 56(11), pages 3091-3104.
  2. Fabien Bocart & Kim Oosterlinck, 2011. "Discoveries of fakes: their impact on the art market," Working Papers CEB 11-023, ULB -- Universite Libre de Bruxelles.
  3. Fabian Y.R.P. Bocart & Christian M. Hafner, 2012. "Volatility of price indices for heterogeneous goods," SFB 649 Discussion Papers SFB649DP2012-039, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  4. Erdos, Péter & Ormos, Mihály, 2010. "Random walk theory and the weak-form efficiency of the US art auction prices," Journal of Banking & Finance, Elsevier, vol. 34(5), pages 1062-1076, May.

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