Does nudity sell? An econometric analysis of the value of female nudity in Modigliani portraits

Of the four most expensive works of art ever auctioned, three are portraits of nude women (ArtPrice, 2018). Of these three female nudes, two were painted by Amedeo Modigliani. In light of this artist’s contribution to the conceptualisation of female nudity in modern art, our paper examines to what extent the presence of female nudity influences the economic value of his portraits. Based on the significance the existing art-historical literature bestows on female nudity in western painting, we examine whether the artistic importance of this genre correlates to its economic value. This research offers a quantitative evaluation of the female nude in the art market. By employing hedonic regression, we are able to analyse whether the presence of female nudity affects the price that these paintings achieve at auctions. The sample, collected primarily from ArtPrice, consists in 924 sales of Modigliani paintings and drawings. The research confirms that nudity has a positive and relevant influence on the determination of the hammer and estimated prices. Although limited in generalisability, the research assesses that particular aspects relative to the aesthetic value of art are reflected in its economic value, at least in the case of Modigliani.