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Autographs and the global art market: the case of hedonic prices for French autographs (1960–2005)

Author

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  • Pierre-Charles Pradier

    (Université Paris 1 Panthéon Sorbonne)

  • François Gardes

    (Université Paris 1 Panthéon Sorbonne, Centre d’Economie de la Sorbonne)

  • Xavier Greffe

    (Université Paris 1 Panthéon Sorbonne, Centre d’Economie de la Sorbonne)

  • Ileana Miranda Mendoza

    (Université Paris 1 Panthéon Sorbonne)

Abstract

The market for autographs has become more open to international buyers since 1990. Our data set features a large sample of store and auction sales for selected authors every 5 years from 1960 to 2005. The estimation of a hedonic price function shows that page count, type of author, date and type of the document conditionally to author explain more than three quarters of the price differences. The apparent price of autographs increased by 7.7 % per year during the period, while the hedonic price index increased by 7.9 % on average. With a supply function responsive to market valuation, as well French autograph prices seemingly showing trend similar to art market index, the French autograph market has become more integrated in the global art market.

Suggested Citation

  • 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.
    • Handle: RePEc:kap:jculte:v:40:y:2016:i:4:d:10.1007_s10824-015-9259-0
    DOI: 10.1007/s10824-015-9259-0
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    Cited by:

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    2. Okay Gunes, 2017. "Hedonic Recommendations: An Econometric Application on Big Data," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01673355, HAL.
    3. Okay Gunes, 2017. "Hedonic Recommendations: An Econometric Application on Big Data," Post-Print halshs-01673355, HAL.

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    More about this item

    Keywords

    Akerlof effect; Autographs; French art market; Hedonic price method; Pseudo-panel;
    All these keywords.

    JEL classification:

    • Z19 - Other Special Topics - - Cultural Economics - - - Other

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