Sample Selection Bias and Time Instability of Hedonic Art Price Indexes
The uniqueness of art objects need to be taken into account in the construction of any art market price index. Yet the most widely used methods typically rely on biased samples, discarding a very large proportion of the information available (the repeated sales approach) and/or require strong assumptions regarding the structure and time stability of the market (the hedonic regression approach). In this paper a refined hedonic index is developed that explicitly addresses these problems. An empirical illustration comparing these methods is presented using a dataset of symbolist paintings appearing at auction over the period 1990-2001.
|Date of creation:||Oct 2007|
|Date of revision:|
|Contact details of provider:|| Postal: Piazza Scaravilli, 2, and Strada Maggiore, 45, 40125 Bologna|
Phone: +39 051 209 8019 and 2600
Fax: +39 051 209 8040 and 2664
Web page: http://www.dse.unibo.it
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Olivier Chanel & Louis-André Gérard-Varet & Victor Ginsburgh, 1996.
"The relevance of hedonic price indices: the case of paintings,"
ULB Institutional Repository
2013/1715, ULB -- Universite Libre de Bruxelles.
- Chanel, O. & Gerard, L.A. & Ginsburgh, V., 1992. "The Relevence of Hedonic Price Indices the Case of Paintings," G.R.E.Q.A.M. 92a19, Universite Aix-Marseille III.
- Marilena Biey & Roberto Zanola, 2005.
"The Market for Picasso Prints: A Hybrid Model Approach,"
Journal of Cultural Economics,
Springer, vol. 29(2), pages 127-136, May.
- Locatelli-Biey, Marilena & Zanola, Roberto, 2003. "The market for Picasso prints: an hybrid model approach," POLIS Working Papers 34, Institute of Public Policy and Public Choice - POLIS.
- Beggs, Alan & Graddy, Kathryn, 2006.
"Failure to Meet the Reserve Price: The Impact on Returns to Art,"
CEPR Discussion Papers
5811, C.E.P.R. Discussion Papers.
- Alan Beggs & Kathryn Graddy, 2008. "Failure to meet the reserve price: the impact on returns to art," Journal of Cultural Economics, Springer, vol. 32(4), pages 301-320, December.
- Alan Beggs & Kathryn Graddy, 2006. "Failure to Meet the Reserve Price: The Impact on Returns to Art," Economics Series Working Papers 272, University of Oxford, Department of Economics.
- Victor Ginsburgh & Pierre-Michel Menger, 1996.
"Economics of the arts: selected essays,"
ULB Institutional Repository
2013/1655, ULB -- Universite Libre de Bruxelles.
- Munneke, Henry J & Slade, Barrett A, 2000. "An Empirical Study of Sample-Selection Bias in Indices of Commercial Real Estate," The Journal of Real Estate Finance and Economics, Springer, vol. 21(1), pages 45-64, July.
- Bradford Case & Henry O. Pollakowski & Susan M. Wachter, 1991. "On Choosing Among House Price Index Methodologies," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 286-307.
- Clapham, Eric & Englund, Peter & Quigley, John M. & Redfearn, Christian L., 2007.
"Revisiting the Past and Settling the Score: Index Revision for House Price Derivatives,"
Berkeley Program on Housing and Urban Policy, Working Paper Series
qt1m2340dt, Berkeley Program on Housing and Urban Policy.
- Eric Clapham & Peter Englund & John M. Quigley & Christian L. Redfearn, 2006. "Revisiting the Past and Settling the Score: Index Revision for House Price Derivatives," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 34(2), pages 275-302, 06.
- G. Candela & A. Scorcu, 1997. "A Price Index for Art Market Auctions," Journal of Cultural Economics, Springer, vol. 21(3), pages 175-196, September.
- Ginsburgh, Victor & Mei, Jianping & Moses, Michael, 2006. "The Computation of Prices Indices," Handbook of the Economics of Art and Culture, Elsevier.
When requesting a correction, please mention this item's handle: RePEc:bol:bodewp:610. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Task Force CeSIA DSE)
If references are entirely missing, you can add them using this form.