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Hedonic Price Index of Polish Paintings for the Most Popular Artists at the Auction Market in Years 2007–2010

Author

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  • Dorota Maria Witkowska

    (Faculty of Management, University of Lodz)

  • Krzysztof Kompa

    (Warsaw University of Life Sciences)

Abstract

Situation at financial markets tend investors to look for alternative investments to diversify their portfolio. The aim of our research is evaluation of hedonic price index for selected Polish painters based on data from auctions of paintings held by auction houses and foundations in the years 2007 – 2010. The criterion of artworks selection is popularity of au-thors that is measured by the number of paintings sold in analyzed period. We construct and estimate several models for different sets of hedonic variables. On the basis of models param-eter estimates the hedonic quality adjustment for the art price index is evaluated.

Suggested Citation

  • Dorota Maria Witkowska & Krzysztof Kompa, 2014. "Hedonic Price Index of Polish Paintings for the Most Popular Artists at the Auction Market in Years 2007–2010," Acta Universitatis Nicolai Copernici, Ekonomia, Uniwersytet Mikolaja Kopernika, vol. 45(1), pages 7-26.
    • Handle: RePEc:cpn:umkanc:2014:p:7-26
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    More about this item

    Keywords

    hedonic price index; art market; alternative investment;
    All these keywords.

    JEL classification:

    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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