What Determines Cézanne’S Art Pricing? A Hedonic Regression Method
The contribution of this paper is empirical. We employed the hedonic regression method to compile a price index for Cézanne’s artworks and examine their financial properties. This paper reported the following findings: i) oil prints were more expensive than prints on paper, ii) there was a statistically significant evidence in favour of the presence of the Law of One Price for Cézanne’s artworks, iii) the dimensions of the sample’s prints were found to influence hammer prices, iv) paintings made during the artist’s later career were traded at higher premiums than prints made in the early stages of his career, and finally v) it is inconclusive whether Cézanne’s prints could provide strong benefits to a diversified portfolio.
Volume (Year): 58 (2011)
Issue (Month): (november)
|Contact details of provider:|| Postal: Universitatea Al. I. Cuza; B-dul Carol I nr. 22; Iasi|
Phone: 004 0232 201070
Fax: 004 0232 217000
Web page: http://anale.feaa.uaic.ro/anale/
More information through EDIRC
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.:
- Andrew Worthington & Helen Higgs, 2006. "A Note on Financial Risk, Return and Asset Pricing in Australian Modern and Contemporary Art," Journal of Cultural Economics, Springer, vol. 30(1), pages 73-84, March.
- Marilena Locatelli-Biey & Roberto Zanola, 2002. "The Sculpture Market: An Adjacent Year Regression Index," Journal of Cultural Economics, Springer, vol. 26(1), pages 65-78, February.
- Chanel, O. & Gerard, L.A. & Ginsburgh, V., 1992.
"The Relevence of Hedonic Price Indices the Case of Paintings,"
92a19, Universite Aix-Marseille III.
- Olivier Chanel & Louis-André Gérard-Varet & Victor Ginsburgh, 1996. "The relevance of hedonic price indices: the case of paintings," ULB Institutional Repository 2013/1715, ULB -- Universite Libre de Bruxelles.
- Ginsburgh, Victor & Mei, Jianping & Moses, Michael, 2006. "The Computation of Prices Indices," Handbook of the Economics of Art and Culture, Elsevier.
- Locatelli-Biey, Marilena & Zanola, Roberto, 2003.
"The market for Picasso prints: an hybrid model approach,"
POLIS Working Papers
34, Institute of Public Policy and Public Choice - POLIS.
- Marilena Biey & Roberto Zanola, 2005. "The Market for Picasso Prints: A Hybrid Model Approach," Journal of Cultural Economics, Springer, vol. 29(2), pages 127-136, May.
- Kathryn Graddy & Orley Ashenfelter, 2002.
"Auctions and the Price of Art,"
Economics Series Working Papers
131, University of Oxford, Department of Economics.
- Douglas Hodgson & Keith Vorkink, 2004. "Asset pricing theory and the valuation of Canadian paintings," Canadian Journal of Economics, Canadian Economics Association, vol. 37(3), pages 629-655, August.
- Raimond Maurer & Martin Pitzer & Steffen Sebastian, 2004.
"Construction of a Transaction-Based Real Estate Index for the Paris Housing Market,"
Working Paper Series: Finance and Accounting
68, Department of Finance, Goethe University Frankfurt am Main.
- Maurer, Raimond & Pitzer, Martin & Sebastian, Steffen, 2001. "Construction of a Transaction Based Real Estate Index for the Paris Housing Market," Sonderforschungsbereich 504 Publications 01-17, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
- 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.
- Jianping Mei & Michael Moses, 2002. "Art as an Investment and the Underperformance of Masterpieces," American Economic Review, American Economic Association, vol. 92(5), pages 1656-1668, December.
- James Pesando & Pauline Shum, 1999. "The Returns to Picasso's Prints and to Traditional Financial Assets, 1977 to 1996," Journal of Cultural Economics, Springer, vol. 23(3), pages 181-190, August.
- Finn R. Førsund & Roberto Zanola, 2001. "Selling Picasso paintings: the efficiency of auction houses," ICER Working Papers 07-2001, ICER - International Centre for Economic Research.
When requesting a correction, please mention this item's handle: RePEc:aic:journl:y:2011:v:58:p:515-532. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sireteanu Napoleon-Alexandru)
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 references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.