Artwork pricing model integrating the popularity and ability of artists
Jinsu Park,
Yoonjin Lee,
Daewon Yang
et al.
Abstract:Considerable research has been devoted to understanding the popularity effect on the art market dynamics, meaning that artworks by popular artists tend to have high prices. The hedonic pricing model has employed artists’ reputation attributes, such as survey results, to understand the popularity effect, but the reputation attributes are constant and not properly defined at the point of artwork sales. Moreover, the artist’s ability has been measured via random effect in the hedonic model, which fails to reflect… Show more
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