nep-cul 2007-12-08 papers

on Cultural Economics

Issue of 2007‒12‒08
one paper chosen by
Roberto Zanola
University of the Piemonte Orientale

Does Artistic Value explain the performance of Contemporary Artists? By Ronald Rozenbaum

Does Artistic Value explain the performance of Contemporary Artists?

By:	Ronald Rozenbaum (Centre Emile Bernheim, Solvay Business School, Université Libre de Bruxelles, Brussels.)
Abstract:	We examine the contemporary art market of the 100 best artists as classified by the Kunstkompass 2006 in the German magazine Capital in comparison with price achieved by artworks from the same artists sold through auction sales. Using the hedonic regression method, we test whether and in which way classical information (dimensions, materials used, signature, etc.) or new parameters like Kunstkompass ranking play a significant role in the determination of the price. We show that an independent ranking aiming at classifying the artistic value provides a reliable estimate for artworks' value.
Keywords:	art markets, economics of art, hedonic regression
Date:	2007–12
URL:	http://d.repec.org/n?u=RePEc:sol:wpaper:07-037&r=cul

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