ARE THEY ALL THE SAME? A CASE STUDY OF THREE AUSTRALIAN INDIGENOUS ARTISTS

By Lisa Farrell, Jane M. Fry and Tim R.L. Fry

Many studies of art auctions assume that a single statistical model using observed characteristics relating to the artwork and the auction can explain the observed variation in the sample of all artworks and artists. We show that such “pooling” is not always appropriate and may lead to erroneous conclusions.

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AWFULLY BEAUTIFUL? I REALLY LIKE THIS ARTWORK, IF I AM NOT MISTAKEN

By Monika Kackovic 

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Information about the quality of producers and products has strategic value and affects economic decisions. But what happens in markets with informational gaps where quality is difficult to observe and where objective criteria to make quality judgments are largely lacking?

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VOLATILITY OF PRICE INDICES FOR HETEROGENEOUS GOODS WITH APPLICATIONS TO THE FINE ART MARKET

By Fabian Bocart and Christian Hafner

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Understanding the behavior of art prices is important to precisely anticipate the financial benefits of owning art. So far, a very common approach in the scientific literature is to assume that all artworks follow a common, deterministic path. What happens if we reverse the perspective assuming that art prices behave randomly?

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A HISTORY OF THE ART MARKET IN 35 RECORD-BREAKING SALES

Christophe Spaenjers, William N. Goetzmann and Elena Mamonova

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When Pablo Picasso’s “Les Femmes d’Alger (Version O)” sold at Christie’s in New York for $179 million dollars in May 2015, it was only the 36th time in the past 315 years that a world auction record had been set, and the sale raised questions well beyond the art world. How could a single painting be worth so much? Why is art so important to wealthy households? What economic and social factors could lead to enshrining Picasso’s colourful near-abstract portrait as the most valuable picture in the history of the modern world?

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