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Estimation of hedonistic price function for Claude Monet's pictures

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  • Ratnikova, Tatiana

    ()
    (State Research University – High School of Economics, Russia)

  • Sergeeva , Elena

    ()
    (University Paris-1)

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    Abstract

    On the basis of the data set for Claude Monet's pictures, sold on large auctions worldwide from April, 1997 till December, 2009, it is estimated hedonic regression model. We model the work’s price on the base of the number of its characteristics, such as: the size of a picture, techniques of execution and a material of a basis, an auction house, presence of signature/date, participation of work in exhibitions and a mention in the specialized editions, lot numbers and experience of the artist by the moment of the creation of the work. The estimated regression is significant and explains 76% of a dispersion of the prices. The received estimations allows to reveal essential price deviations for the sold works from «fair» market, «to translate» qualitative distinctions between pictures in quantitative in terms of an expected market price

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    Bibliographic Info

    Article provided by Publishing House "SINERGIA PRESS" in its journal Applied Econometrics.

    Volume (Year): 20 (2010)
    Issue (Month): 4 ()
    Pages: 102-118

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    Handle: RePEc:ris:apltrx:0055

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    Web page: http://appliedeconometrics.cemi.rssi.ru/

    Related research

    Keywords: Hedonic models; art markets; auction house; techniques of execution;

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    1. Gerard-Varet, Louis-Andre, 1995. "On pricing the priceless: Comments on the economics of the visual art market," European Economic Review, Elsevier, vol. 39(3-4), pages 509-518, April.
    2. BUELENS, Nathalie & GINSBURGH, Victor, . "Revisiting Baumol's `art as floating crap game'," CORE Discussion Papers RP -1063, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    3. Chanel, O., 1994. "Is Art Market Behavior Predictable?," G.R.E.Q.A.M. 94b08, Universite Aix-Marseille III.
    4. Anderson, Robert C, 1974. "Paintings as an Investment," Economic Inquiry, Western Economic Association International, vol. 12(1), pages 13-26, March.
    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. 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.
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