Visual Artist Price Heterogeneity
Economics and Business Letters, 1(3), 16-22, 2012
7 Pages Posted: 10 Nov 2012
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: Suggested Citation