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The Market for Picasso Prints: A Hybrid Model Approach

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  • Marilena Biey
  • Roberto Zanola

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

Suggested Citation

  • Marilena Biey & Roberto Zanola, 2005. "The Market for Picasso Prints: A Hybrid Model Approach," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 29(2), pages 127-136, May.
    • Handle: RePEc:kap:jculte:v:29:y:2005:i:2:p:127-136
    DOI: 10.1007/s10824-005-8133-x
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    References listed on IDEAS

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    More about this item

    Keywords

    prints; Picasso; hedonic prices; repeat sales; rate of return; hybrid models;
    All these keywords.

    JEL classification:

    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • Z1 - Other Special Topics - - Cultural Economics

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