Color Intensity Variations and Art Prices: An Examination of Latin American Art

51 Pages Posted: 9 Jul 2020

See all articles by Urbi Garay

Urbi Garay

Instituto de Estudios Superiores de Administración (IESA)

Eduardo Pérez

IESA

Fredy Pulga

Universidad de la Sabana

Date Written: December 31, 2019

Abstract

Most existing literature has ignored the potential effects that color intensity may have on art prices (bearing a few recent exceptions). We examine 1,627 paintings executed by the “Big five” Latin American artists (Rivera, Tamayo, Lam, Matta, and Botero) and sold at Sotheby’s and Christie’s between 2003 and 2017 to analyze this impact. We find strong evidence indicating that paintings that are more intense in color fetch higher prices, but only up to a certain degree (paintings whose color is “too intense”, “too vivid” or “too dark” actually fetch lower prices). To the best of our knowledge, these results are the first to confirm, for the case of the art market, early experimental evidence in the psychology literature pointing to the existence of an inverse “U” pattern on the preferences for color intensity. Our findings have implications for other areas such as psychology and consumer behavior.

Keywords: Art returns, hedonic pricing model, Latin American art, RGB, Lab, color intensity

JEL Classification: C23, G12, M31

Suggested Citation

Garay, Urbi and Pérez, Eduardo and Pulga, Fredy, Color Intensity Variations and Art Prices: An Examination of Latin American Art (December 31, 2019). Available at SSRN: https://ssrn.com/abstract=3628760 or http://dx.doi.org/10.2139/ssrn.3628760

Urbi Garay (Contact Author)

Instituto de Estudios Superiores de Administración (IESA) ( email )

San Bernardino 1010, Caracas
Venezuela
+58 2 5554242 (Phone)
+58 2 5510812 (Fax)

Eduardo Pérez

IESA

C/ Campo Santo de los Mártires, 7
San Bernardo 1010, Caracas, Córdoba 14004
Venezuela

Fredy Pulga

Universidad de la Sabana

Campus Universitario del Puente del Común, Km. 7
Chia, Cundinamarca A.A.140122
Colombia

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