Determinants of Prices for Contemporary Art in Dutch Galleries, 1992–1998

Merijn Rengers and Olav Velthuis

Journal of Cultural Economics, 2002, vol. 26, issue 1, 28 pages

Abstract: We analyse determinants of prices for contemporary art with the help of quantitative data. The focus is on gallery rather than auction prices in the Netherlands. We model the determinants of prices on three different levels: the work of art (size, material), the artist (age, sex, place of residence, institutional recognition), and the gallery (location, institutional affiliation, age). Our main findings are that the size and material of works of art, and the age and place of residence of the artist are strong predictors of price; that differences in size and materials partly ``mask'' price differences between artists; and that the variance in prices across galleries is largely explained by characteristics of the artists they represent. Copyright Kluwer Academic Publishers 2002

Keywords: art galleries; artists' incomes; art markets; hedonic models; multilevel analysis; pricing (search for similar items in EconPapers)
Date: 2002
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DOI: 10.1023/A:1013385830304

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