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

Author

Listed:
  • 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)

Abstract
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
    as

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    File URL: http://www.rcea.org/RePEc/pdf/wp01_10.pdf
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    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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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. 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.
    3. 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.
    4. Francesco Angelini & Massimiliano Castellani, 2019. "Cultural and economic value: a critical review," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 43(2), pages 173-188, June.
    5. Elena Stepanova, 2019. "The impact of color palettes on the prices of paintings," Empirical Economics, Springer, vol. 56(2), pages 755-773, February.
    6. Ventura Charlin & Arturo Cifuentes, 2013. "A new financial metric for the art market," Papers 1309.6929, arXiv.org, revised Jul 2015.
    7. repec:hum:wpaper:sfb649dp2012-039 is not listed on IDEAS
    8. 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.
    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. Bocart, Fabian & Hafner, Christian, 2012. "Volatility of price indices for heterogeneous goods," LIDAM Discussion Papers ISBA 2012019, Université catholique de Louvain, Institute of Statistics, Biostatistics and Actuarial Sciences (ISBA).
    11. 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.

    More about this item

    Keywords

    hedonic price; auction; quantile regression; painting; Picasso;
    All these keywords.

    JEL classification:

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

    NEP fields

    This paper has been announced in the following NEP Reports:

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