The art of valuation: Using visual analysis to price classical paintings by Swedish Masters

Adri De Ridder, Steffen Eriksen and Bert Scholtens

PLOS ONE, 2024, vol. 19, issue 1, 1-19

Abstract: This study seeks to address the difficulty of pricing art and the limitations of conventional valuation models by using visual analysis to determine the price of paintings. We examine a large hand-collected sample of classical paintings by Swedish Masters, categorize them based on various dimensions, and reduce measurement error by visually examining and classifying each painting into a theme. We compare this ‘visual’ approach with the conventional ‘terminological’ approach. We find that the technique, theme, and auction house all have a substantial impact on the price. We argue that a visual inspection should take precedence over analysis based on the artwork’s title. This is because the latter leaves many artworks unclassified and results in a systematic bias. The study demonstrates the importance of using art-informed characteristics to reduce measurement error in pricing paintings.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:plo:pone00:0296906

DOI: 10.1371/journal.pone.0296906

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