Autographs and the global art market: the case of hedonic prices for French autographs (1960–2005)

Pierre-Charles Pradier, François Gardes, Xavier Greffe and Ileana Miranda Mendoza
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François Gardes: Université Paris 1 Panthéon Sorbonne, Centre d’Economie de la Sorbonne
Xavier Greffe: Université Paris 1 Panthéon Sorbonne, Centre d’Economie de la Sorbonne
Ileana Miranda Mendoza: Université Paris 1 Panthéon Sorbonne

Journal of Cultural Economics, 2016, vol. 40, issue 4, No 5, 453-485

Abstract: Abstract The market for autographs has become more open to international buyers since 1990. Our data set features a large sample of store and auction sales for selected authors every 5 years from 1960 to 2005. The estimation of a hedonic price function shows that page count, type of author, date and type of the document conditionally to author explain more than three quarters of the price differences. The apparent price of autographs increased by 7.7 % per year during the period, while the hedonic price index increased by 7.9 % on average. With a supply function responsive to market valuation, as well French autograph prices seemingly showing trend similar to art market index, the French autograph market has become more integrated in the global art market.

Keywords: Akerlof effect; Autographs; French art market; Hedonic price method; Pseudo-panel (search for similar items in EconPapers)
JEL-codes: Z19 (search for similar items in EconPapers)
Date: 2016
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Working Paper: Autographs and the global art market: the case of hedonic prices for French autographs (1960–2005) (2016)
Working Paper: Autographs and the global art market: the case of hedonic prices for French autographs (1960–2005) (2016)
Working Paper: Autographs and the global art market: the case of hedonic prices for French autographs (1960–2005) (2016)
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DOI: 10.1007/s10824-015-9259-0

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