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Determinants of Prices for Contemporary Art in Dutch Galleries, 1992–1998

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Author Info
Merijn Rengers
Olav Velthuis
Abstract

We analyse determinants of prices for contemporary art with the help of quantitative data. The focus is on gallery rather than auction prices in the Netherlands. We model the determinants of prices on three different levels: the work of art (size, material), the artist (age, sex, place of residence, institutional recognition), and the gallery (location, institutional affiliation, age). Our main findings are that the size and material of works of art, and the age and place of residence of the artist are strong predictors of price; that differences in size and materials partly ``mask'' price differences between artists; and that the variance in prices across galleries is largely explained by characteristics of the artists they represent. Copyright Kluwer Academic Publishers 2002

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File URL: http://hdl.handle.net/10.1023/A:1013385830304
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Publisher Info
Article provided by Springer in its journal Journal of Cultural Economics.

Volume (Year): 26 (2002)
Issue (Month): 1 (February)
Pages: 1-28
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Handle: RePEc:kap:jculte:v:26:y:2002:i:1:p:1-28

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Related research
Keywords: art galleries; artists' incomes; art markets; hedonic models; multilevel analysis; pricing;

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References listed on IDEAS
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.:
  1. Merijn Rengers & Erik Plug, 2001. "Private or Public?," Journal of Cultural Economics, Springer, vol. 25(1), pages 1-20, February. [Downloadable!] (restricted)
  2. 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)
  3. Bruno Frey, 1997. "Art Markets and Economics: Introduction," Journal of Cultural Economics, Springer, vol. 21(3), pages 165-173, September. [Downloadable!] (restricted)
  4. Pesando, James E, 1993. "Art as an Investment: The Market for Modern Prints," American Economic Review, American Economic Association, vol. 83(5), pages 1075-89, December. [Downloadable!] (restricted)
  5. 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. [Downloadable!] (restricted)
  6. Case, Bradford & Pollakowski, Henry O & Wachter, Susan M, 1997. "Frequency of Transaction and House Price Modeling," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 173-87, Jan.-Marc. [Downloadable!] (restricted)
  7. Jabbar, M. A., 1998. "Buyer preferences for sheep and goats in southern Nigeria: A hedonic price analysis," Agricultural Economics, Blackwell, vol. 18(1), pages 21-30, January. [Downloadable!] (restricted)
  8. David Galenson, 2000. "The Careers of Modern Artists," Journal of Cultural Economics, Springer, vol. 24(2), pages 87-112, May. [Downloadable!] (restricted)
  9. 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. [Downloadable!] (restricted)
  10. Throsby, David, 1994. "The Production and Consumption of the Arts: A View of Cultural Economics," Journal of Economic Literature, American Economic Association, vol. 32(1), pages 1-29, March. [Downloadable!] (restricted)
  11. Holger Bonus & Dieter Ronte, 1997. "Credibility and Economic Value in the Visual Arts," Journal of Cultural Economics, Springer, vol. 21(2), pages 103-118, June. [Downloadable!] (restricted)
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This page was last updated on 2009-12-24.

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