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Artwork characteristics and prices in the New Zealand secondary art market, 1988–2011

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  • John Forster
  • Helen Higgs

Abstract

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 larger and more representative of an art market, especially for lower prices, than all other art price studies. The number of works by each artist auctioned over the entire period is a measure of each artist's market presence. Sample selection bias created by unsold artworks is corrected using the Heckit method. Estimation results including the creation of the first New Zealand art price index are presented and interpreted.

Suggested Citation

  • John Forster & Helen Higgs, 2018. "Artwork characteristics and prices in the New Zealand secondary art market, 1988–2011," New Zealand Economic Papers, Taylor & Francis Journals, vol. 52(2), pages 150-169, May.
    • Handle: RePEc:taf:nzecpp:v:52:y:2018:i:2:p:150-169
    DOI: 10.1080/00779954.2016.1254674
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    Cited by:

    1. Tim R. L. Fry, 2020. "Heterogeneity in Auction Price Distributions for Australian Indigenous Artists," The Economic Record, The Economic Society of Australia, vol. 96(313), pages 177-186, June.
    2. Régis Blazy & Marie Blum, 2022. "Horizontal and vertical differentiation in comic art auctions," Economic Inquiry, Western Economic Association International, vol. 60(3), pages 1382-1415, July.
    3. Fikret Korhan Turan & Zeynep Tosun, 2023. "Sustainable development of art industry and a statistical analysis of the factors that influence the gallery prices of contemporary artworks," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(3), pages 1790-1804, June.

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