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  • Thumbnail for Hedonism and hammer price : a pricing model for priceless art
    Hedonism and hammer price : a pricing model for priceless art by Florance, Kathryn

    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.