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Are autographs integrating the global art market? The case of hedonic prices for French autographs (1960-2005)

Author

Listed:
  • Ileana Miranda Mendoza

    () (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • François Gardes

    () (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics)

  • Xavier Greffe

    () (CES - Centre d'économie de la Sorbonne - UP1 - Université Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics)

  • Pierre-Charles Pradier

    () (SAMM - Statistique, Analyse et Modélisation Multidisciplinaire (SAmos-Marin Mersenne) - UP1 - Université 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 five 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, together with consumer and assets price indices explain more than one half of the price differences. Authors whho are more often sold at auctions (hence more likely to attract international demand) carry a 28% premium when sold in stores. The autographs (real) price increased by 222% during the period, while the hedonic price increased by 190%. With growing correlation between French autograph prices and art market index, as well as a supply function responsive to market valuation and trends, the French autograph market has become more integrated in the global art market since the 1990's.

Suggested Citation

  • Ileana Miranda Mendoza & François Gardes & Xavier Greffe & Pierre-Charles Pradier, 2014. "Are autographs integrating the global art market? The case of hedonic prices for French autographs (1960-2005)," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01025095, HAL.
  • Handle: RePEc:hal:cesptp:halshs-01025095
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-01025095
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    References listed on IDEAS

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    Keywords

    globalization; hedonic price function; autographs; hedonic prices; globalisation; fonction de prix hédonique; autographes; prix hédoniques;

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