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The market for Picasso prints: an hybrid model approach

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  • Locatelli-Biey, Marilena
  • Zanola, Roberto
Abstract
Two basic approaches have been used by the literature focusing on the return to holding artistic works: the hedonic price model and the repeat-sales model. This paper provides a procedure for jointly estimating the two models in a way that take advantages of the unique information contained in each. A semiannual price index for Picasso prints is estimated by using a model derived from the basic framework of the hybrid models. The empirical results suggest that the hybrid model provides the most precisely estimated price index by reducing the level of price volatility.

Suggested Citation

  • Locatelli-Biey, Marilena & Zanola, Roberto, 2003. "The market for Picasso prints: an hybrid model approach," POLIS Working Papers 34, Institute of Public Policy and Public Choice - POLIS.
    • Handle: RePEc:uca:ucapdv:34
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    References listed on IDEAS

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    1. repec:pri:cepsud:81ashenfelter is not listed on IDEAS
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    6. Orley Ashenfelter & Kathryn Graddy, 2002. "Art Auctions: A Survey of Empirical Studies," NBER Working Papers 8997, National Bureau of Economic Research, Inc.
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    8. Orley Ashenfelter & Kathryn Graddy, 2003. "Auctions and the Price of Art," Journal of Economic Literature, American Economic Association, vol. 41(3), pages 763-787, September.
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    More about this item

    JEL classification:

    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • Z1 - Other Special Topics - - Cultural Economics

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