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: 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 nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement
Xavier Greffe: 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 nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique
Ileana Miranda Mendoza: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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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 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: Hedonic price method; Pseudo-panel; Akerlof effect; Autographs; French art market (search for similar items in EconPapers)
Date: 2016-11
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Published in Journal of Cultural Economics, 2016, 40 (4), pp.453-485. ⟨10.1007/s10824-015-9259-0⟩

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Related works:
Journal Article: 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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Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:hal-01314060

DOI: 10.1007/s10824-015-9259-0

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