Quotation Marchenko, Maria. Forthcoming. Peer effects in art prices.


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Abstract

Art is quite often considered as an investment. However, the prices for some of the pieces are not easy to predict. The reputation of the artists and their social connections can play a significant role in determining the prices of their work. I check the hypothesis of possible positive effect on the prices of art pieces when the artist is connected to higher valued or more famous peer. I base my results on the network of the abstract artist, for which it is sometimes too difficult to distinguish between good and bad work, and the prices of their works in the last 15 years at Sotheby's auctions. The preliminary results suggest that the consumers are willing to pay more for a particular artist's work, once this artist is connected to a more valuable set of peers. The auctioneer predictions exhibit opposite trend, suggesting possible substitutability of the works of connected artists.

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Publication's profile

Affiliation WU
Type of publication Working/discussion paper, preprint
Language English
Title Peer effects in art prices
Year 2017

Associations

People
Marchenko, Maria (Details)
Organization
Institute for Labor Economics IN (Details)
Research areas (Ă–STAT Classification 'Statistik Austria')
5323 Econometrics (Details)
5362 Cultural economics (Details)
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