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Estimation of hedonistic price function for Claude Monet's pictures

Author

Listed:
  • Ratnikova, Tatiana

    (State Research University – High School of Economics, Russia)

  • Sergeeva , Elena

    (University Paris-1)

Abstract

On the basis of the data set for Claude Monet's pictures, sold on large auctions worldwide from April, 1997 till December, 2009, it is estimated hedonic regression model. We model the work’s price on the base of the number of its characteristics, such as: the size of a picture, techniques of execution and a material of a basis, an auction house, presence of signature/date, participation of work in exhibitions and a mention in the specialized editions, lot numbers and experience of the artist by the moment of the creation of the work. The estimated regression is significant and explains 76% of a dispersion of the prices. The received estimations allows to reveal essential price deviations for the sold works from «fair» market, «to translate» qualitative distinctions between pictures in quantitative in terms of an expected market price

Suggested Citation

  • Ratnikova, Tatiana & Sergeeva , Elena, 2010. "Estimation of hedonistic price function for Claude Monet's pictures," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 20(4), pages 102-118.
    • Handle: RePEc:ris:apltrx:0055
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    References listed on IDEAS

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    2. Gerard-Varet, Louis-Andre, 1995. "On pricing the priceless: Comments on the economics of the visual art market," European Economic Review, Elsevier, vol. 39(3-4), pages 509-518, April.
    3. 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.
    4. Chanel, Olivier, 1995. "Is art market behaviour predictable?," European Economic Review, Elsevier, vol. 39(3-4), pages 519-527, April.
    5. 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.
    6. Anderson, Robert C, 1974. "Paintings as an Investment," Economic Inquiry, Western Economic Association International, vol. 12(1), pages 13-26, March.
    7. Pesando, James E, 1993. "Art as an Investment: The Market for Modern Prints," American Economic Review, American Economic Association, vol. 83(5), pages 1075-1089, December.
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    Cited by:

    1. Zhitkov, Konstantin & Ratnikova, Tatiana, 2014. "The construction of hedonic price indices for fauvists’ paintings," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 35(3), pages 59-85.
    2. 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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    More about this item

    Keywords

    Hedonic models; art markets; auction house; techniques of execution;
    All these keywords.

    JEL classification:

    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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