Investment in early American art: the impact of transaction costs and no-sales on returns

Anderson, Seth C.; Ekelund, Robert B.; Jackson, John D.; Tollison, Robert D.

doi:10.1007/s10824-015-9252-7

Cited by 6 publications

(3 citation statements)

References 17 publications

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“…We consider three characteristics for each painting: artist, painting, and sales characteristics. For artist characteristics, we consider gender and whether the given painting is signed [34,38,39]. Furthermore, we also include artist fixed effects to account for artists' reputation and other personal traits [5,34,40,41].…”

Section: Plos Onementioning

confidence: 99%

“…For painting characteristics, we control for theme, technique, and painting size (see e.g., [3,34]. For sales characteristics, we control for the auction house at which the sale took place, year of sale, and whether it was a winter or summer auction (see also [35,38]).…”

Section: Plos Onementioning

confidence: 99%

“…Considering paintings from the four groups assures the homogeneity of our sample. In addition, our approach follows the literature [7,38,39] by monitoring artist characteristics as well as the size and theme of each painting.…”

Section: Datamentioning

confidence: 99%

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The art of valuation: Using visual analysis to price classical paintings by Swedish Masters

De Ridder,

Eriksen,

Scholtens

2024

PLoS ONE

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This study seeks to address the difficulty of pricing art and the limitations of conventional valuation models by using visual analysis to determine the price of paintings. We examine a large hand-collected sample of classical paintings by Swedish Masters, categorize them based on various dimensions, and reduce measurement error by visually examining and classifying each painting into a theme. We compare this ‘visual’ approach with the conventional ‘terminological’ approach. We find that the technique, theme, and auction house all have a substantial impact on the price. We argue that a visual inspection should take precedence over analysis based on the artwork’s title. This is because the latter leaves many artworks unclassified and results in a systematic bias. The study demonstrates the importance of using art-informed characteristics to reduce measurement error in pricing paintings.

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