EconPapers    
Economics at your fingertips  
 

The impact of color palettes on the prices of paintings

Elena Stepanova

LEM Papers Series from Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy

Abstract: We emphasize that color composition is an important characteristic of a painting. It impacts the auction price of a painting but it has never been considered in previous studies on art markets. By using Picasso's paintings and paintings of Color Field Abstract Expressionists sold in Chrisite's and Sotheby's auctions in New York between 1998 and 2016, we demonstrate the method to analyze color compositions: how to extract color palettes from a painting image and how to measure color characteristics. We propose two measures: 1) the surface occupied by specific colors, 2) color diversity of a painting composition. Controlling for all conventional painting and sale characteristics, our empirical results find significant evidence of contrastive paintings, i.e. paintings with high diversity of colors, carrying a premium than equivalent artworks which are performed in monochromatic style. In the case of Picasso's paintings, our econometric analysis shows that some colors are associated with high prices.

Keywords: art markets; hedonic pricing; Picasso; Rothko; visual data; color; color quantizing (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cta and nep-cul
Date: 2017-10-03
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://www.lem.sssup.it/WPLem/files/2017-25.pdf (application/pdf)

Related works:
Journal Article: The impact of color palettes on the prices of paintings (2019) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ssa:lemwps:2017/25

Access Statistics for this paper

More papers in LEM Papers Series from Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy Contact information at EDIRC.
Bibliographic data for series maintained by ().

 
Page updated 2019-10-12
Handle: RePEc:ssa:lemwps:2017/25