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.
Prior studies that estimate the impact of amenity accessibility on residential property prices have largely treated housing as a homogenous commodity. Yet there is strong evidence that differentiation in metropolitan housing sub-markets matter (Goodman and Thibodeau, 1998; Hoesli and Peng, 2002). Using an hedonic pricing approach and controlling for spatial effects, this paper examines the preferences of house and apartment buyers regarding amenity accessibility in Brooklyn, NY, for the period 2008 to 2013. We find that the preferences for amenities between the two types of home-buyers are indeed different. More specifically, our findings show that the marginal implicit value, as evidenced through home sales prices, of accessibility to cultural amenities (e.g. proximity to monuments, beaches, parks and cafes) is greater for apartment than house buyers. On the other hand, the marginal implicit value of workplace amenity accessibility (e.g. proximity to central business district and subway stations) is greater for house than apartment buyers. The result illustrates the importance of differentiating housing sub-markets when estimating these impacts. Urban policy makers and real estate developers can also use the result to inform land use planning in metropolitan areas aimed at further increasing residential property values.
This paper investigates the potential impact nearby unconventional gas wells may have on the value of single-family homes within Bradford County, Pennsylvania. A hedonic pricing model is utilized to determine if nearby unconventional shale wells impacted the prices of these properties from 2013 through 2014. Both OLS and single-log regression models were run using the number of active unconventional wells within five and ten kilometers as the exogenous variables of interest in addition to the characteristics of the properties. Prices of homes that had unconventional wells within ten kilometers did not seem to be affected, but when the distance was reduced to five kilometers, the value of properties declined by over four thousand dollars.