![]() In the case of color contrast, the authors present a novel way to estimate this variable. Intensity is even more appreciated (as reflected by higher prices) for paintings belonging to an artist's most recognized period. This is the first paper that highlights the importance of analyzing the price impact of color intensity throughout the artistic periods of a painter, finding that color This paper has implications not only for the art pricing (and more generally, asset pricing) literature, but also for the These two limitations are common to all studies that use the hedonic pricing model. Another limitation is that we are only able to use art prices fromĪuctions, as this is the only comprehensive source of data that is publicly available. The main limitation of the hedonic regression method lies in the need to have a significant and varied sample to identify the true effect of each variable on the price of the good. ![]() An investment in Basquiat's paintings generated an average annual compounded return of 16.81% (2003–2017), clearly overperforming the S&P 500. The authors also estimate that Basquiat'sĪrtworks made collaboratively with Andy Warhol are worth 55% less than those made only by Basquiat. This was Peppers last album as a leader before. Intensity is a 1960 jazz album by saxophonist Art Pepper playing with Dolo Coker, Jimmy Bond, and Frank Butler. The authors find similar results for Cruz-Diez. The complete original Art Pepper album Intensity (Contemporary S7607), recorded in a quartet format. The authors also find that color intensity is even more recognized (as reflectedīy higher prices) for paintings belonging to Basquiat's most appreciated (understood as most expensive) artistic period (1980–1983) and during the second part of the sample period (2011–2017). Increases in color intensity, luminosity and color contrast have a positive effect on art prices. The data and the images corresponding to each painting were hand-collected from the websites of several auction houses and complemented with information obtained (executed by Basquiat alone), and 41 works painted collaboratively between Basquiat and Warhol and sold at auction (2003–2017). The authors run a hedonic regression model considering 306 paintings The analysis that the authors present may be of interest to academicians and to participants in the art market. The authors also study the case of the op art master, Carlos Cruz-Diez, as a robustness analysis to the (the famous street artist from the 1980s' New York City) and sold at auction to study the potential effect of color intensity, luminosity and color contrast on the prices of his paintings. This study aims to analyze the paintings executed by Jean-Michel Basquiat ![]() ![]() Colors are important in an economic analysis. The price of a painting is determined by multiple variables, including color-related variables. ![]()
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