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Are autographs integrating the global art market? The case of hedonic prices for French autographs (1960-2005)

Ileana Miranda Mendoza (), François Gardes (), Xavier Greffe () and Pierre-Charles Pradier
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Ileana Miranda Mendoza: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique
François Gardes: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
Xavier Greffe: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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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 five 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, together with consumer and assets price indices explain more than one half of the price differences. Authors whho are more often sold at auctions (hence more likely to attract international demand) carry a 28% premium when sold in stores. The autographs (real) price increased by 222% during the period, while the hedonic price increased by 190%. With growing correlation between French autograph prices and art market index, as well as a supply function responsive to market valuation and trends, the French autograph market has become more integrated in the global art market since the 1990's.

Keywords: autographs; hedonic prices; hedonic price function; globalization; autographes; prix hédoniques; fonction de prix hédonique; globalisation (search for similar items in EconPapers)
Date: 2014-02
New Economics Papers: this item is included in nep-cul
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01025095
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Published in 2014

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Working Paper: Are autographs integrating the global art market? The case of hedonic prices for French autographs (1960-2005) (2014) Downloads
Working Paper: Are autographs integrating the global art market? The case of hedonic prices for French autographs (1960-2005) (2014) Downloads
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