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

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  • Merijn Rengers
  • Olav Velthuis

Abstract

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

Suggested Citation

  • Merijn Rengers & Olav Velthuis, 2002. "Determinants of Prices for Contemporary Art in Dutch Galleries, 1992–1998," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 26(1), pages 1-28, February.
  • Handle: RePEc:kap:jculte:v:26:y:2002:i:1:p:1-28
    DOI: 10.1023/A:1013385830304
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    Citations

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    Cited by:

    1. Francesco Angelini & Massimiliano Castellani, 2017. "Cultural and economic value: A (p)review," Working Paper series 17-10, Rimini Centre for Economic Analysis, revised Jan 2018.
    2. Stahl, Sebastian, 2009. "Wertschöpfung in der zeitgenössischen Kunst: Zur „Young German Art“
      [Value-Added Activities in the Contemporary Art: The Young German Art]
      ," MPRA Paper 27983, University Library of Munich, Germany.
    3. Zhitkov, Konstantin & Ratnikova, Tatiana, 2014. "The construction of hedonic price indices for fauvists’ paintings," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 35(3), pages 59-85.
    4. Susanne Schönfeld & Andreas Reinstaller, 2007. "The effects of gallery and artist reputation on prices in the primary market for art: a note," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 31(2), pages 143-153, June.
    5. McQuillan, William & Lucey, Brian, 2016. "The validity of Islamic art as an investment," Research in International Business and Finance, Elsevier, vol. 36(C), pages 388-401.
    6. Jannett Highfill & Kevin O’Brien, 2007. "Bidding and prices for online art auctions: sofa art or investment," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 31(4), pages 279-292, December.
    7. Guido Candela & Massimiliano Castellani & Pierpaolo Pattitoni & F. Marta L. Lascio, 2016. "On Rosen’s and Adler’s hypotheses in the modern and contemporary visual art market," Empirical Economics, Springer, vol. 51(1), pages 415-437, August.
    8. Pownall, Rachel A.J. & Graddy, Kathryn, 2016. "Pricing color intensity and lightness in contemporary art auctions," Research in Economics, Elsevier, vol. 70(3), pages 412-420.

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