Estimation of hedonistic price function for Claude Monet's pictures

Tatiana Ratnikova and Elena Sergeeva ()
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Elena Sergeeva: University Paris-1

Applied Econometrics, 2010, vol. 20, issue 4, 102-118

Abstract: On the basis of the data set for Claude Monet's pictures, sold on large auctions worldwide from April, 1997 till December, 2009, it is estimated hedonic regression model. We model the work’s price on the base of the number of its characteristics, such as: the size of a picture, techniques of execution and a material of a basis, an auction house, presence of signature/date, participation of work in exhibitions and a mention in the specialized editions, lot numbers and experience of the artist by the moment of the creation of the work. The estimated regression is significant and explains 76% of a dispersion of the prices. The received estimations allows to reveal essential price deviations for the sold works from «fair» market, «to translate» qualitative distinctions between pictures in quantitative in terms of an expected market price

Keywords: Hedonic models; art markets; auction house; techniques of execution (search for similar items in EconPapers)
JEL-codes: C21 Z11 (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (2)

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