The ‘Right’ Price for Art Collectibles. A Quantile Hedonic Regression Investigation of Picasso Paintings
AbstractDifferent art objects are likely to be priced by means of different systems of hedonic characteristics; more precisely, different evaluation procedures for high and low price items are often postulated. However, the empirical evidence on this point is scant. The main purpose of this paper is to fill this gap by using the quantile hedonic regression approach. The empirical evidence, based on a data set of 716 Picasso paintings sold at auction worldwide, highlights the critical role of the price classes in determining the evaluation criteria of art items.
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Bibliographic InfoPaper provided by The Rimini Centre for Economic Analysis in its series Working Paper Series with number 01_10.
Date of creation: Jan 2010
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hedonic price; auction; quantile regression; painting; Picasso;
Find related papers by JEL classification:
- D49 - Microeconomics - - Market Structure and Pricing - - - Other
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- Fabian Y. R. P. Bocart & Christian M. Hafner, 2011.
"Econometric analysis of volatile art markets,"
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SFB649DP2011-071, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
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