This paper investigates the price determinants and investment performance of art. We apply
a hedonic regression analysis to a new data set of more than one million auction …

This paper shows the importance of correcting for sample selection when investing in illiquid
assets that trade endogenously. Using a sample of 32,928 paintings that sold repeatedly …

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 …

The aim of this paper is to model painting prices at auction. The novel aspects of our
contribution are as follows: first, the set of regressors used as explanatory variables in the …

We examine a general masterpiece effect (ME) in art markets, by estimating implicit prices of
artwork's characteristics and rates of return across the price distribution by means of hedonic …

A number of inefficiencies in the art market stress the fact that art remains a highly risky
investment. The art market is characterized by high illiquidity, inefficient market information …

In conditions of the stock market instability the art assets could be considered as an
attractive investment. The fine art market is very heterogeneous which is featured by …

Using hedonic pricing, prices realised at auction are estimated against artwork
characteristics for New Zealand for over 27,000 artworks by over 1600 artists. The data-set is …

The creative economy has emerged as a significant driver of economic growth and social
development, prompting increased interest in financial instruments that can support and …

An Investor-Oriented Metric for the Art Market Page 1 1 An Investor-Oriented Metric for the
Art Market Ventura Charlin VC Consultants Los Leones 1300, Suite 1202 Santiago, CHILE e-mail …