Economics at your fingertips  

Pricing color intensity and lightness in contemporary art auctions

Rachel Pownall () and Kathryn Graddy ()

Research in Economics, 2016, vol. 70, issue 3, 412-420

Abstract: Color plays an important part in modern life and influences our decision making process. However, little is known about how the different attributes of color, namely intensity and lightness, influence price. By analyzing auction data for paintings we can put a price on these attributes of color. Using a unique set of data for Contemporary artworks of Andy Warhol prints, we are able to observe the influence of intensity and lightness using RGB values as explanatory variables on prices achieved at auction. Controlling for other hedonic characteristics, our empirical results find significant evidence of intense colors fetching a premium over equivalent artworks which are less intense in color. Furthermore, darkness carries a premium over lightness.

Keywords: Art Economics; RGB color; Value (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4) Track citations by RSS feed

Downloads: (external link)
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

DOI: 10.1016/j.rie.2016.06.007

Access Statistics for this article

Research in Economics is currently edited by Federico Etro

More articles in Research in Economics from Elsevier
Bibliographic data for series maintained by Haili He ().

Page updated 2020-05-02
Handle: RePEc:eee:reecon:v:70:y:2016:i:3:p:412-420