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

Antonello Eugenio Scorcu () and Roberto Zanola

Working Paper Series from The Rimini Centre for Economic Analysis

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.

Keywords: hedonic price; auction; quantile regression; painting; Picasso (search for similar items in EconPapers)
JEL-codes: D49 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cul
Date: 2010-01
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