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Uniqueness in Art Market: Specialization in Visual Art

Arzu Aysin Tekindor and Vicki McCracken ()

No 124922, 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington from Agricultural and Applied Economics Association

Abstract: This study investigates the relationship between the value of painting and the fame of the artist. We determine the artist’s fame by the artist’s style and objects which were significantly used in the artist’s paintings. We present a theoretical model to support our analysis. The model is modified from Rosen (1974) to art auctions by using reservation price. A sample of impressionist and modern paintings from famous artists at auctions is analyzed using a hedonic regression model. The results show a significant relationship between style and market valuation as well as objects and market valuation. We also find that medium, provenance, signature, exhibition, literature, number of auctions, where the art was sold, artist’s age when the painting was executed and gift play a significant role in the determination of the price of the painting. By including “Google” variable on the model, we find the effect of popularity on price.

Keywords: Consumer/Household Economics; Marketing (search for similar items in EconPapers)
Pages: 27
Date: 2012
New Economics Papers: this item is included in nep-cul
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea12:124922

DOI: 10.22004/ag.econ.124922

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