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The Market for Picasso Prints: A Hybrid Model Approach

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Author Info
Marilena Biey ()
Roberto Zanola ()

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Abstract

Two basic approaches have been used by the literature focusing on the return to holding artistic works: the hedonic price model and the repeat-sales model. This paper provides a procedure for jointly estimating the two models in a way that take advantages of the unique information contained in each. A semiannual price index for Picasso prints is estimated by using a model derived from the basic framework of the hybrid models. The empirical results suggest that the hybrid model provides the most precisely estimated price index by reducing the level of price volatility. Copyright Springer Science + Business Media, Inc. 2005

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File URL: http://hdl.handle.net/10.1007/s10824-005-8133-x
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Publisher Info
Article provided by Springer in its journal Journal of Cultural Economics.

Volume (Year): 29 (2005)
Issue (Month): 2 (May)
Pages: 127-136
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Handle: RePEc:kap:jculte:v:29:y:2005:i:2:p:127-136

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Web page: http://www.springerlink.com/link.asp?id=100284

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Related research
Keywords: prints Picasso hedonic prices repeat sales rate of return hybrid models

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References listed on IDEAS
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  1. R. Carter Hill & J. R. Knight & C. F. Sirmans, 1997. "Estimating Capital Asset Price Indexes," The Review of Economics and Statistics, MIT Press, vol. 79(2), pages 226-233, May. [Downloadable!] (restricted)
  2. Case, Bradford & Quigley, John M, 1991. "The Dynamics of Real Estate Prices," The Review of Economics and Statistics, MIT Press, vol. 73(1), pages 50-58, February. [Downloadable!] (restricted)
  3. Olivier Chanel & Louis-André Gérard-Varet & Victor Ginsburgh, 1996. "The relevance of hedonic price indices," Journal of Cultural Economics, Springer, vol. 20(1), pages 1-24, March. [Downloadable!] (restricted)
  4. Ashenfelter, Orley C & Graddy, Kathryn, 2002. "Art Auctions: A Survey of Empirical Studies," CEPR Discussion Papers 3387, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  1. Cugno, Franco & Ottoz, Elisabetta, 2006. "Static inefficiency of compulsory licensing: Quantity vs. price competition," P.O.L.I.S. department's Working Papers 73, Department of Public Policy and Public Choice - POLIS. [Downloadable!]
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  2. Ortona, Guido & Scacciati, Francesco, 2005. "Offerta di lavoro in presenza di tassazione: l'approccio sperimentale," P.O.L.I.S. department's Working Papers 52, Department of Public Policy and Public Choice - POLIS. [Downloadable!]
  3. A. Collins & A. E. Scorcu & R. Zanola, 2007. "Sample Selection Bias and Time Instability of Hedonic Art Price Indexes," Working Papers 610, Dipartimento Scienze Economiche, Università di Bologna. [Downloadable!]
  4. Ramello, Giovanni, 2006. "What's in a sign? Trademark law and enconomic theory," P.O.L.I.S. department's Working Papers 67, Department of Public Policy and Public Choice - POLIS. [Downloadable!]
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  5. Ortona, Guido & Ottone, Stefania & Ponzano, Ferruccio, 2005. "A simulative assessment of the Italian electoral system," P.O.L.I.S. department's Working Papers 53, Department of Public Policy and Public Choice - POLIS. [Downloadable!]
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  8. Ortona, Guido & Ottone, Stefania & Ponzano, Ferruccio & Scacciati, Francesco, 2006. "Labour supply in presence of taxation financing public services. An experimental approach," P.O.L.I.S. department's Working Papers 71, Department of Public Policy and Public Choice - POLIS. [Downloadable!]
  9. Ottone, Stefania & Ponzano, Ferruccio, 2005. "An Extension to the Model of Inequity Aversion by Fehr and Schmidt," P.O.L.I.S. department's Working Papers 51, Department of Public Policy and Public Choice - POLIS. [Downloadable!]
  10. Compagnoni, Viola, 2005. "Analisi dei criteri per la definizione di standard sanitari nazionali," P.O.L.I.S. department's Working Papers 54, Department of Public Policy and Public Choice - POLIS. [Downloadable!]
  11. Levaggi, Rosella & Montefiori, Marcello, 2005. "It takes three to tango: Soft budget constraint and cream skimming in the hospital care market," P.O.L.I.S. department's Working Papers 48, Department of Public Policy and Public Choice - POLIS. [Downloadable!]
  12. Pellegrino, Paola, 2005. "La politica sanitaria in Italia: dalla riforma legislativa alla riforma costituzionale," P.O.L.I.S. department's Working Papers 55, Department of Public Policy and Public Choice - POLIS. [Downloadable!]
  13. Nicita, Antonio & Ramello, Giovanni B., 2006. "Property, liability and market power: The antitrust side of copyright," P.O.L.I.S. department's Working Papers 75, Department of Public Policy and Public Choice - POLIS. [Downloadable!]
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