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Are autographs integrating the global art market? The case of hedonic prices for French autographs (1960-2005)

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Abstract

The market for autographs has become more open to international buyers since 1990. Our data set features a large sample of store and auction sales for selected authors every five years from 1960 to 2005. The estimation of a hedonic price function shows that page count, type of author, date and type of the document, together with consumer and assets price indices explain more than one half of the price differences. Authors whho are more often sold at auctions (hence more likely to attract international demand) carry a 28% premium when sold in stores. The autographs (real) price increased by 222% during the period, while the hedonic price increased by 190%. With growing correlation between French autograph prices and art market index, as well as a supply function responsive to market valuation and trends, the French autograph market has become more integrated in the global art market since the 1990's

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  • Ileana Miranda Mendoza & François Gardes & Xavier Greffe & Pierre-Charles Pradier, 2014. "Are autographs integrating the global art market? The case of hedonic prices for French autographs (1960-2005)," Documents de travail du Centre d'Economie de la Sorbonne 14053, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    • Handle: RePEc:mse:cesdoc:14053
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    More about this item

    Keywords

    Autographs; Hedonic prices; Hedonic price function; Globalization;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • D46 - Microeconomics - - Market Structure, Pricing, and Design - - - Value Theory
    • Z10 - Other Special Topics - - Cultural Economics - - - General
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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