Visual Artist Price Heterogeneity

Economics and Business Letters, 1(3), 16-22, 2012

7 Pages Posted: 10 Nov 2012

See all articles by Massimiliano Castellani

Massimiliano Castellani

University of Bologna - Department of Economics

Pierpaolo Pattitoni

University of Bologna - Department of Statistical Sciences ; University of Bologna - Rimini Center for Economic Analysis (RCEA)

Antonello E. Scorcu

University of Bologna - Department of Economics

Date Written: November 8, 2012

Abstract

This paper proposes an empirical analysis to establish the determinants of Artist Price Heterogeneity (APH), using a unique dataset, which comprises all artwork sales occurred in Italy between 2006 and 2010. APH is measured by Gini indices calculated on artist price distributions. A Beta Regression Model (BRM) is estimated to account for the characteristic of the dependent variable, which can only assume values in the standard unit interval. Our analysis shows that APH is influenced by number of trades, average price, artist specialization, descent, fame, production, market structure and nationality, and artistic period.

Keywords: cultural economics, beta regression model, price heterogeneity

JEL Classification: Z11, C25

Suggested Citation

Castellani, Massimiliano and Pattitoni, Pierpaolo and Scorcu, Antonello, Visual Artist Price Heterogeneity (November 8, 2012). Economics and Business Letters, 1(3), 16-22, 2012, Available at SSRN: https://ssrn.com/abstract=2172777

Massimiliano Castellani

University of Bologna - Department of Economics ( email )

Strada Maggiore 45
Bologna, 40125
Italy

Pierpaolo Pattitoni (Contact Author)

University of Bologna - Department of Statistical Sciences ( email )

Via Belle Arti 41
Bologna, 40126
Italy

University of Bologna - Rimini Center for Economic Analysis (RCEA) ( email )

Via Patara, 3
Rimini (RN), RN 47900
Italy

Antonello Scorcu

University of Bologna - Department of Economics ( email )

I-40126 Bologna
Italy

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