Does Artistic Value explain the performance of Contemporary Artists?

Ronald Rozenbaum ()
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Ronald Rozenbaum: Centre Emile Bernheim, Solvay Business School, Université Libre de Bruxelles, Brussels.

No 07-037.RS, Working Papers CEB from Université Libre de Bruxelles, Solvay Business School, Centre Emile Bernheim (CEB)

Abstract: We examine the contemporary art market of the 100 best artists as classified by the Kunstkompass 2006 in the German magazine Capital in comparison with price achieved by artworks from the same artists sold through auction sales. Using the hedonic regression method, we test whether and in which way classical information (dimensions, materials used, signature, etc.) or new parameters like Kunstkompass ranking play a significant role in the determination of the price. We show that an independent ranking aiming at classifying the artistic value provides a reliable estimate for artworks' value.

Keywords: art markets; economics of art; hedonic regression (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cul
Date: Written 2007-12

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http://www.solvay.edu/EN/Research/Bernheim/documents/wp07037.pdf First version, 2007 (application/pdf)

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