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  • Thumbnail for Valuation of History: An Econometric Analysis of Ancient Art Prices
    Valuation of History: An Econometric Analysis of Ancient Art Prices by Franks, Amanda Noelle

    In 2018, global sales in the art market increased 6% compared to 2017 (McAndrew, 2019). Without oversight, this art market leaves room for price corruption and unethical transactions. Antiquities and ancient art are then cultural property increasingly vulnerable to illicit trade. While cultural economics seeks to integrate art into working economic theory, little can be said of the price valuation for antiquities. What determines the price of ancient art and antiquities? Valuation of ancient art may be expressed intrinsically based on qualities commonly discussed by art professionals. Econometric methods are used to test the extent of the influence of origin, provenance, material, and literature on price. Empirical results examined present 87% of price variation by these qualities.