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The ‘Right’ Price for Art Collectibles. A Quantile Hedonic Regression Investigation of Picasso Paintings

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Author Info

  • Antonello E. Scorcu

    ()
    ( University of Bologna, Department of Economics, Italy and Rimini Center for Economic Analysis (RCEA), Italy)

  • Roberto Zanola

    ()
    ( University of Eastern Piedmont, Department of Public Policy and Public Choice, Italy and Rimini Center for Economic Analysis (RCEA), Italy)

Abstract

Different 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 Info

Paper provided by The Rimini Centre for Economic Analysis in its series Working Paper Series with number 01_10.

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Date of creation: Jan 2010
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Handle: RePEc:rim:rimwps:01_10

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Keywords: hedonic price; auction; quantile regression; painting; Picasso;

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Cited by:
  1. Bocart, Fabian Y.R.P. & Hafner, Christian M., 2012. "Econometric analysis of volatile art markets," Computational Statistics & Data Analysis, Elsevier, vol. 56(11), pages 3091-3104.
  2. Ünsal Özdilek, 2013. "Visual autocorrelation of prices," Journal of Cultural Economics, Springer, vol. 37(2), pages 203-223, May.
  3. Ventura Charlin & Arturo Cifuentes, 2013. "A new financial metric for the art market," Papers 1309.6929, arXiv.org, revised Dec 2013.
  4. Fabian Y.R.P. Bocart & Christian M. Hafner, 2012. "Volatility of price indices for heterogeneous goods," SFB 649 Discussion Papers SFB649DP2012-039, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
  5. Andrea Alivernini & Enrico Beretta & Luigi Cannari & Massimo Gallo, 2013. "The trends of Italy's international tourism," Workshop and Conferences 12, Bank of Italy, Economic Research and International Relations Area.

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