Hedonic Models and Pre-Auction Estimates: Abstract Art Revisited

Calin Valsan () and Robert Sproule
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Calin Valsan: Bishop's University

Economics Bulletin, 2006, vol. 26, issue 5, 1-10

Abstract: We investigate the predictive power of hedonic models compared to that of pre-auction estimates in the context of art auctions. We use a panel data consisting of abstract paintings and a methodology that employs the estimates as instrumental variables in the framework of a hedonic regression model. The results suggest that hedonic models have no better predictive power than that of the estimates. Pre-auction estimates appear to fully account for the available public information on works of art.

JEL-codes: D4 Z1 (search for similar items in EconPapers)
Date: 2006-11-22
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Citations: View citations in EconPapers (12)

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