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Determinants of Prices for Contemporary Art in Dutch Galleries, 1992–1998

  • Merijn Rengers
  • Olav Velthuis
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    We analyse determinants of prices for contemporary art with the help of quantitative data. The focus is on gallery rather than auction prices in the Netherlands. We model the determinants of prices on three different levels: the work of art (size, material), the artist (age, sex, place of residence, institutional recognition), and the gallery (location, institutional affiliation, age). Our main findings are that the size and material of works of art, and the age and place of residence of the artist are strong predictors of price; that differences in size and materials partly ``mask'' price differences between artists; and that the variance in prices across galleries is largely explained by characteristics of the artists they represent. Copyright Kluwer Academic Publishers 2002

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    File URL: http://hdl.handle.net/10.1023/A:1013385830304
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    Article provided by Springer in its journal Journal of Cultural Economics.

    Volume (Year): 26 (2002)
    Issue (Month): 1 (February)
    Pages: 1-28

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    Handle: RePEc:kap:jculte:v:26:y:2002:i:1:p:1-28
    Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100284

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    1. BUELENS, Nathalie & GINSBURGH, Victor, . "Revisiting Baumol's `art as floating crap game'," CORE Discussion Papers RP -1063, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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    5. Bruno Frey, 1997. "Art Markets and Economics: Introduction," Journal of Cultural Economics, Springer, vol. 21(3), pages 165-173, September.
    6. Werner Pommerehne & Lars Feld, 1997. "The Impact of Museum Purchase on the Auction Prices of Paintings," Journal of Cultural Economics, Springer, vol. 21(3), pages 249-271, September.
    7. Jabbar, Mohammad A., 1998. "Buyer Preferences For Sheep And Goats In Southern Nigeria: A Hedonic Price Analysis," Research Reports 182945, International Livestock Research Institute.
    8. Victor Ginsburgh & Pierre-Michel Menger, 1996. "Economics of the Arts: Selected essays," ULB Institutional Repository 2013/152420, ULB -- Universite Libre de Bruxelles.
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    11. Case, Bradford & Pollakowski, Henry O & Wachter, Susan M, 1997. "Frequency of Transaction and House Price Modeling," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 173-87, Jan.-Marc.
    12. Baumol, William J, 1986. "Unnatural Value: Or Art Investment as Floating Crap Game," American Economic Review, American Economic Association, vol. 76(2), pages 10-14, May.
    13. Merijn Rengers & Erik Plug, 2001. "Private or Public?," Journal of Cultural Economics, Springer, vol. 25(1), pages 1-20, February.
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