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Reconsidering hedonic art price indexes

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Listed:
  • Collins, Alan
  • Scorcu, Antonello
  • Zanola, Roberto

Abstract

Art price indexes typically rely on heavily biased samples for several reasons. A refined hedonic index is developed which explicitly addresses such concerns. An empirical illustration is then provided for Symbolist paintings appearing at auctions between 1990 and 2001.

Suggested Citation

  • Collins, Alan & Scorcu, Antonello & Zanola, Roberto, 2009. "Reconsidering hedonic art price indexes," Economics Letters, Elsevier, vol. 104(2), pages 57-60, August.
    • Handle: RePEc:eee:ecolet:v:104:y:2009:i:2:p:57-60
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    References listed on IDEAS

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    1. Victor Ginsburgh & Pierre-Michel Menger, 1996. "Economics of the arts: selected essays," ULB Institutional Repository 2013/1655, ULB -- Universite Libre de Bruxelles.
    2. G. Donald Jud & Terry G. Seaks, 1994. "Sample Selection Bias in Estimating Housing Sales Prices," Journal of Real Estate Research, American Real Estate Society, vol. 9(3), pages 289-298.
    3. Ariel Pakes, 2003. "A Reconsideration of Hedonic Price Indexes with an Application to PC's," American Economic Review, American Economic Association, vol. 93(5), pages 1578-1596, December.
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    Cited by:

    1. Robert B. Ekelund & John D. Jackson & Robert D. Tollison, 2013. "Are Art Auction Estimates Biased?," Southern Economic Journal, John Wiley & Sons, vol. 80(2), pages 454-465, October.
    2. David, Géraldine & Oosterlinck, Kim & Szafarz, Ariane, 2013. "Art market inefficiency," Economics Letters, Elsevier, vol. 121(1), pages 23-25.
    3. 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.
    4. 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.
    5. Pierre-Charles Pradier & François Gardes & Xavier Greffe & Ileana Miranda Mendoza, 2016. "Autographs and the global art market: the case of hedonic prices for French autographs (1960–2005)," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 40(4), pages 453-485, November.
    6. Massimiliano Castellani & Pierpaolo Pattitoni & Antonello Eugenio Scorcu, 2018. "On the relationship between reserve prices and low estimates in art auctions," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 42(1), pages 45-56, February.
    7. Esmeralda A. Ramalho & Joaquim J.S. Ramalho, 2014. "Convenient links for the estimation of hedonic price indexes: the case of unique, infrequently traded assets," Statistica Neerlandica, Netherlands Society for Statistics and Operations Research, vol. 68(2), pages 91-117, May.
    8. Bocart, Fabian & Oosterlinck, Kim, 2011. "Discoveries of fakes: Their impact on the art market," Economics Letters, Elsevier, vol. 113(2), pages 124-126.
    9. 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).
    10. Esmeralda A. Ramalho & Joaquim J. S. Ramalho & Rui Evangelista, 2017. "Combining micro and macro data in hedonic price indexes," Statistical Methods & Applications, Springer;Società Italiana di Statistica, vol. 26(2), pages 317-332, June.
    11. Guido Candela & Massimiliano Castellani & Pierpaolo Pattitoni, 2012. "Tribal art market: signs and signals," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 36(4), pages 289-308, November.
    12. Régis Blazy & Marie Blum, 2022. "Horizontal and vertical differentiation in comic art auctions," Economic Inquiry, Western Economic Association International, vol. 60(3), pages 1382-1415, July.
    13. Ünsal Özdilek, 2024. "Art-Rent Concept and Measure With Connections to an Evolving Economy," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 1625-1649, March.
    14. repec:hum:wpaper:sfb649dp2012-039 is not listed on IDEAS
    15. Hellmanzik, Christiane, 2016. "Historic art exhibitions and modern - day auction results," Research in Economics, Elsevier, vol. 70(3), pages 421-430.
    16. Lin, Min-Bin & Wang, Bingling & Bocart, Fabian Y.R.P. & Hafner, Christian M. & Härdle, Wolfgang K., 2022. "DAI Digital Art Index : a robust price index for heterogeneous digital assets," LIDAM Discussion Papers ISBA 2022036, Université catholique de Louvain, Institute of Statistics, Biostatistics and Actuarial Sciences (ISBA).
    17. Antonello E. Scorcu & Laura Vici & Roberto Zanola, 2021. "To fake or not to fake: An empirical investigation on the fine art market," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 45(1), pages 143-152, March.
    18. Erdős, Péter & Ormos, Mihály, 2012. "Pricing of collectibles: Baedeker guidebooks," Economic Modelling, Elsevier, vol. 29(5), pages 1968-1978.
    19. Dominik Filipiak & Agata Filipowska, 2016. "Towards data oriented analysis of the art market: survey and outlook," "e-Finanse", University of Information Technology and Management, Institute of Financial Research and Analysis, vol. 12(1), pages 21-31, June.
    20. Bocart, Fabian Y. R. P. & Hafner, Christian M., 2012. "Volatility of price indices for heterogeneous goods," SFB 649 Discussion Papers 2012-039, Humboldt University Berlin, Collaborative Research Center 649: Economic Risk.
    21. Laurie Binge & Willem H Boshoff, 2016. "Modelling South African Art Prices: An analysis of post-2000 price behaviour," Working Papers 18/2016, Stellenbosch University, Department of Economics.
    22. Vecco, Marilena & Zanola, Roberto, 2017. "Don’t let the easy be the enemy of the good. Returns from art investments: What is wrong with it?," Journal of Economic Behavior & Organization, Elsevier, vol. 140(C), pages 120-129.
    23. Filipiak Dominik & Filipowska Agata, 2016. "Towards Data Oriented Analysis of the Art Market: Survey and Outlook," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 12(1), pages 21-31.
    24. Erdos, Péter & Ormos, Mihály, 2010. "Random walk theory and the weak-form efficiency of the US art auction prices," Journal of Banking & Finance, Elsevier, vol. 34(5), pages 1062-1076, May.
    25. Petrov, Nikita & Ratnikova, Tatiana, 2017. "The price index for the paintings of Henri Matisse: The sensitivity to the method of construction and connection with stock market and art indices," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 47, pages 49-73.

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    Paintings Hedonic price Price index;

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