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Hedonism and hammer price : a pricing model for priceless art

by Florance, Kathryn

Abstract

Art is considered priceless, but it is bought and sold every day in the market. This paper investigates the determinants of price of Impressionist paintings in the secondary art market. Quantitative data (N=1,000) collected on the work of art, the artist, and the location and date collected for the last four years are used in a hedonic pricing model. The significant results include that canvas is the most expensive media and that the later in the auction, the less expensive a work will be sold for. This study contains significant variables to help an art buyer make more informed decisions in the subjective world of buying art as a heterogeneous and experience good.

Note

The author has given permission for this work to be deposited in the Digital Archive of Colorado College.

Includes bibliographical references.

Colorado College Honor Code upheld.

Administrative Notes

The author has given permission for this work to be deposited in the Digital Archive of Colorado College.

Colorado College Honor Code upheld.

Copyright
Copyright restrictions apply.
Publisher
Colorado College
PID
coccc:9401
Digital Origin
born digital
Extent
52 pages : illustrations (some color)
Thesis
Senior Thesis -- Colorado College
Thesis Advisor
Fenn, Aju
Department/Program
Economics and Business
Degree Name
bachelor
Degree Type
B.A.
Degree Grantor
Colorado College
Date Issued
2014-05