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The 'Right' Price for Art Collectibles. A Quantile Hedonic Regression Investigation of Picasso Paintings


  • Antonello E. Scorcu

    () (University of Bologna, Department of Economics, Italy and Rimini Center for Economic Analysis (RCEA), Italy)

  • Roberto Zanola

    () (University of Eastern Piedmont, Department of Public Policy and Public Choice, Italy and Rimini Center for Economic Analysis (RCEA), Italy)


Different art objects are likely to be priced by means of different systems of hedonic characteristics; more precisely, different evaluation procedures for high and low price items are often postulated. However, the empirical evidence on this point is scant. The main purpose of this paper is to fill this gap by using the quantile hedonic regression approach. The empirical evidence, based on a data set of 716 Picasso paintings sold at auction worldwide, highlights the critical role of the price classes in determining the evaluation criteria of art items.

Suggested Citation

  • Antonello E. Scorcu & Roberto Zanola, 2010. "The 'Right' Price for Art Collectibles. A Quantile Hedonic Regression Investigation of Picasso Paintings," Working Paper series 01_10, Rimini Centre for Economic Analysis.
  • Handle: RePEc:rim:rimwps:01_10

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    References listed on IDEAS

    1. Lin, Chien-Fu Jeff & Terasvirta, Timo, 1994. "Testing the constancy of regression parameters against continuous structural change," Journal of Econometrics, Elsevier, vol. 62(2), pages 211-228, June.
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    Cited by:

    1. Ünsal Özdilek, 2013. "Visual autocorrelation of prices," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 37(2), pages 203-223, May.
    2. Luc Renneboog & Christophe Spaenjers, 2013. "Buying Beauty: On Prices and Returns in the Art Market," Management Science, INFORMS, vol. 59(1), pages 36-53, February.
    3. Bocart, Fabian Y.R.P. & Hafner, Christian M., 2012. "Econometric analysis of volatile art markets," Computational Statistics & Data Analysis, Elsevier, vol. 56(11), pages 3091-3104.
    4. Francesco Angelini & Massimiliano Castellani, 2017. "Cultural and economic value: A (p)review," Working Paper series 17-10, Rimini Centre for Economic Analysis, revised Jan 2018.
    5. Ventura Charlin & Arturo Cifuentes, 2013. "A new financial metric for the art market," Papers 1309.6929,, revised Jul 2015.
    6. Fabian Y.R.P. Bocart & Christian M. Hafner, 2012. "Volatility of price indices for heterogeneous goods," SFB 649 Discussion Papers SFB649DP2012-039, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
    7. Andrea Alivernini & Enrico Beretta & Emanuele Breda & Daniele Franco & Massimo Gallo, 2013. "The trends of Italy's international tourism," Workshop and Conferences 12, Bank of Italy, Economic Research and International Relations Area.
    8. Drelichman, Mauricio & González Agudo, David, 2014. "Housing and the cost of living in early modern Toledo," Explorations in Economic History, Elsevier, vol. 54(C), pages 27-47.
    9. Andrew M. Jones & Roberto Zanola, 2015. "Does the law of one price hold in non-standard investment markets? Why selling picasso in New York is differents," ACEI Working Paper Series AWP-04-2015, Association for Cultural Economics International, revised May 2015.
    10. Elena Stepanova, 2017. "The impact of color palettes on the prices of paintings," LEM Papers Series 2017/25, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.

    More about this item


    hedonic price; auction; quantile regression; painting; Picasso;

    JEL classification:

    • D49 - Microeconomics - - Market Structure, Pricing, and Design - - - Other

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