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Picasso Paintings at Auction, 1963–1994

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  • Corinna Czujack
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    Abstract

    We examine the market of Picassopaintings sold at auction between 1963 and 1994. Using the hedonic regression method we test whetherand in which way dimensions, materials used,signature, where and by whom the art work was sold,the catalogue raisonné number, working periods,exhibitions and provenance play a significant role inthe determination of the price. We find that manyfolk-assumptions are not supported by the data athand. Copyright Kluwer Academic Publishers 1997

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    File URL: http://hdl.handle.net/10.1023/A:1007453919073
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    Bibliographic Info

    Article provided by Springer in its journal Journal of Cultural Economics.

    Volume (Year): 21 (1997)
    Issue (Month): 3 (September)
    Pages: 229-247

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    Handle: RePEc:kap:jculte:v:21:y:1997:i:3:p:229-247

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    Web page: http://www.springerlink.com/link.asp?id=100284

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    Keywords: cultural economics; art markets;

    References

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    1. Anderson, Robert C, 1974. "Paintings as an Investment," Economic Inquiry, Western Economic Association International, vol. 12(1), pages 13-26, March.
    2. Ginsburgh, V. & Schwed, N., 1992. "Price Trends for Old Masters' Drawings, 1980-1991," Papers 9209, Universite Libre de Bruxelles - C.E.M.E..
    3. Goetzmann, William N, 1993. "Accounting for Taste: Art and the Financial Markets over Three Centuries," American Economic Review, American Economic Association, vol. 83(5), pages 1370-76, December.
    4. Chanel, O. & Gérard-Varet, L.-A. & Ginsburgh, V., . "The relevance of hedonic price indices," CORE Discussion Papers RP -1222, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    5. Baumol, William J, 1986. "Unnatural Value: Or Art Investment as Floating Crap Game," American Economic Review, American Economic Association, vol. 76(2), pages 10-14, May.
    6. Chanel, O. & Gerard, L.A. & Ginsburgh, V., 1992. "The Relevence of Hedonic Price Indices the Case of Paintings," G.R.E.Q.A.M. 92a19, Universite Aix-Marseille III.
    7. Nathalie Buelens & Victor Ginsburgh, 1993. "Revisiting Baumol's Art as floating crap game," ULB Institutional Repository 2013/1727, ULB -- Universite Libre de Bruxelles.
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    Cited by:
    1. Orley Ashenfelter & Kathryn Graddy, 2003. "Auctions and the Price of Art," Journal of Economic Literature, American Economic Association, vol. 41(3), pages 763-787, September.
    2. Galbraith, John W. & Hodgson, Douglas J., 2012. "Dimension reduction and model averaging for estimation of artists' age-valuation profiles," European Economic Review, Elsevier, vol. 56(3), pages 422-435.
    3. Kräussl, Roman & Elsland, Niels van, 2008. "Constructing the true art market index: A novel 2-step hedonic approach and its application to the German art market," CFS Working Paper Series 2008/11, Center for Financial Studies (CFS).
    4. Nicoletta MARINELLI & Giulio PALOMBA, 2008. "A Model for Pricing the Italian Contemporary Art Paintings at Auction," Working Papers 316, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    5. Andrew M. Jones & Roberto Zanola, 2011. "Retransformation bias in the adjacent art price index," ACEI Working Paper Series AWP-01-2011, the Association for Cultural Economics International, revised Jul 2011.
    6. Helen Higgs & John Forster, 2014. "The auction market for artworks and their physical dimensions: Australia—1986 to 2009," Journal of Cultural Economics, Springer, vol. 38(1), pages 85-104, February.
    7. Jun-ichi Itaya & Heinrich Ursprung, 2008. "Price and Death," CESifo Working Paper Series 2213, CESifo Group Munich.
    8. Ünsal Özdilek, 2013. "Visual autocorrelation of prices," Journal of Cultural Economics, Springer, vol. 37(2), pages 203-223, May.
    9. Bronwyn Coate & Tim R.L. Fry, 2012. "Better off Dead? Prices Realised for Australian Paintings Sold at Auction," ACEI Working Paper Series AWP-02-2012, the Association for Cultural Economics International, revised Feb 2012.

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