IDEAS home Printed from https://ideas.repec.org/p/ags/aaea12/124922.html
   My bibliography  Save this paper

Uniqueness in Art Market: Specialization in Visual Art

Author

Listed:
  • Tekindor, Arzu Aysin
  • McCracken, Vicki A.

Abstract

This study investigates the relationship between the value of painting and the fame of the artist. We determine the artist’s fame by the artist’s style and objects which were significantly used in the artist’s paintings. We present a theoretical model to support our analysis. The model is modified from Rosen (1974) to art auctions by using reservation price. A sample of impressionist and modern paintings from famous artists at auctions is analyzed using a hedonic regression model. The results show a significant relationship between style and market valuation as well as objects and market valuation. We also find that medium, provenance, signature, exhibition, literature, number of auctions, where the art was sold, artist’s age when the painting was executed and gift play a significant role in the determination of the price of the painting. By including “Google” variable on the model, we find the effect of popularity on price.

Suggested Citation

  • Tekindor, Arzu Aysin & McCracken, Vicki A., 2012. "Uniqueness in Art Market: Specialization in Visual Art," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124922, Agricultural and Applied Economics Association.
    • Handle: RePEc:ags:aaea12:124922
    DOI: 10.22004/ag.econ.124922
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/124922/files/Tekindor.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.22004/ag.econ.124922?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Michael Hutter & Christian Knebel & Gunnar Pietzner & Maren Schäfer, 2007. "Two games in town: a comparison of dealer and auction prices in contemporary visual arts markets," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 31(4), pages 247-261, December.
    2. Carlos Ulibarri, 2005. "Bayesian Learning from Arts Goods? – A Comment," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 29(2), pages 137-141, May.
    3. 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.
    4. Orley Ashenfelter & Kathryn Graddy, 2002. "Art Auctions: A Survey of Empirical Studies," NBER Working Papers 8997, National Bureau of Economic Research, Inc.
    5. 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.
    6. Mark Blaug, 2001. "Where Are We Now On Cultural Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 15(2), pages 123-143, April.
    7. Jan K. Brueckner & Peter F. Colwell, 1983. "A Spatial Model of Housing Attributes: Theory and Evidence," Land Economics, University of Wisconsin Press, vol. 59(1), pages 58-69.
    8. repec:pri:cepsud:81ashenfelter is not listed on IDEAS
    9. Merijn Rengers & Olav Velthuis, 2002. "Determinants of Prices for Contemporary Art in Dutch Galleries, 1992–1998," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 26(1), pages 1-28, February.
    10. Leslie Singer & Gary Lynch, 1997. "Are Multiple Art Markets Rational?," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 21(3), pages 197-218, September.
    11. Blaug, Mark, 2001. "Where Are We Now on Cultural Economics?," Journal of Economic Surveys, Wiley Blackwell, vol. 15(2), pages 123-143, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Michel Clement & Anke Lepthien & Tim Schulze, 2016. "Erfolgsfaktoren bei der Vermarktung von Kunst [Success Factors for Marketing of Arts]," Schmalenbach Journal of Business Research, Springer, vol. 68(4), pages 377-400, December.
    2. Ileana Miranda Mendoza & François Gardes & Xavier Greffe & Pierre-Charles Pradier, 2014. "Are autographs integrating the global art market? The case of hedonic prices for French autographs (1960-2005)," Post-Print halshs-01025095, HAL.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Francesco Angelini & Massimiliano Castellani, 2019. "Cultural and economic value: a critical review," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 43(2), pages 173-188, June.
    2. Michel Clement & Anke Lepthien & Tim Schulze, 2016. "Erfolgsfaktoren bei der Vermarktung von Kunst [Success Factors for Marketing of Arts]," Schmalenbach Journal of Business Research, Springer, vol. 68(4), pages 377-400, December.
    3. Jannett Highfill & Kevin O’Brien, 2007. "Bidding and prices for online art auctions: sofa art or investment," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 31(4), pages 279-292, December.
    4. Kim Oosterlinck & Anne-Sophie Radermecker & Yuqing Song, 2023. "The Valuation of Copies for Chinese Artworks," Working Papers CEB 23-008, ULB -- Universite Libre de Bruxelles.
    5. Abderazak Bakhouche & Ludovic P.J. Thebault, 2011. "What Determines Cézanne’S Art Pricing? A Hedonic Regression Method," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 58, pages 515-532, november.
    6. Fedderke, Johannes W. & Li, Kaini, 2020. "Art in Africa: Hedonic price analysis of the South African fine art auction market, 2009–2014," Economic Modelling, Elsevier, vol. 84(C), pages 88-101.
    7. Fedderke, Johannes W. & Chen, Tinghua, 2023. "Generalizing the “Masterpiece Effect” in fine art pricing: Quantile Hedonic regression results for the South African fine art market, 2009–2021," Economic Modelling, Elsevier, vol. 124(C).
    8. Nauro F. Campos & Renata Leite Barbosa, 2009. "Paintings and numbers: an econometric investigation of sales rates, prices, and returns in Latin American art auctions," Oxford Economic Papers, Oxford University Press, vol. 61(1), pages 28-51, January.
    9. Zhitkov, Konstantin & Ratnikova, Tatiana, 2014. "The construction of hedonic price indices for fauvists’ paintings," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 35(3), pages 59-85.
    10. Marco Alderighi & Eleonora Lorenzini, 2012. "Cultural goods, cultivation of taste, satisfaction and increasing marginal utility during vacations," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 36(1), pages 1-26, February.
    11. Lee, Boram & Fraser, Ian & Fillis, Ian, 2022. "To sell or not to sell? Pricing strategies of newly-graduated artists," Journal of Business Research, Elsevier, vol. 145(C), pages 595-604.
    12. Aylin Seckin, 2006. "Art as an Investment under High Inflation: an Empirical Study on Turkish Paintings," EcoMod2006 272100081, EcoMod.
    13. Francesco Angelini & Massimiliano Castellani, 2018. "Private pricing in the art market," Economics Bulletin, AccessEcon, vol. 38(4), pages 2371-2378.
    14. Victor Ginsburgh, 2013. "Mark Blaug and the economics of the arts," Chapters, in: Marcel Boumans & Matthias Klaes (ed.), Mark Blaug: Rebel with Many Causes, chapter 15, pages 208-224, Edward Elgar Publishing.
    15. Carlos Casacuberta & N鳴or Gandelman, 2012. "Multiple job holding: the artist's labour supply approach," Applied Economics, Taylor & Francis Journals, vol. 44(3), pages 323-337, January.
    16. Nijkamp, Peter & Poot, Jacques, 2015. "Cultural Diversity: A Matter of Measurement," IZA Discussion Papers 8782, Institute of Labor Economics (IZA).
    17. De Silva, Dakshina G. & Gertsberg, Marina & Kosmopoulou, Georgia & Pownall, Rachel A.J., 2022. "Evolution of a dealer trading network and its effects on art auction prices," European Economic Review, Elsevier, vol. 144(C).
    18. Richard Agnello & Xiaowen Xu, 2006. "Art Prices and Race: Paintings by African American Artists and Their White Contemporaries," Working Papers 06-06, University of Delaware, Department of Economics.
    19. Douglas S. Noonan & Ilde Rizzo, 2017. "Economics of cultural tourism: issues and perspectives," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 41(2), pages 95-107, May.
    20. Marilena Biey & Roberto Zanola, 2005. "The Market for Picasso Prints: A Hybrid Model Approach," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 29(2), pages 127-136, May.

    More about this item

    Keywords

    Consumer/Household Economics; Marketing;

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:aaea12:124922. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/aaeaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.