Title: Art price determinants: Author, artwork, and auction features
Authors: Oleg Kuldyshev - Saint Petersburg State University (Russia) [presenting]
Alexander Semenov - University of Florida and Saint Petersburg State University (United States)
Dmitry Grigoriev - Saint Petersburg State University (Russia)
Valeria Kolycheva - Saint Petersburg State University (Russia)
Abstract: Recent evidence suggests that, usually, the work of an experienced artist is more expensive than the work of a beginner, the work of a man is more expensive than the work of a woman, a painting is more expensive than graphics, a landscape is more expensive than a portrait, and the most expensive auctions are in the evening. However, what if we contrast the influence of the author's age and sex on the price with the influence of the works material and technique? We identified a few dozen features and divided them into author, artwork, and auction characteristics. For the author characteristics, we used demographic features, such as age, sex, and nationality, as well as biographical features, such as education and migration. The artwork characteristics included size, material, technique, and provenance. The auction characteristics included the place and time of sale and the transaction currency. By applying hedonistic regression on a dataset of more than 14,000 works by the most expensive authors, we will determine which characteristics (i.e., author, artwork, or auction) have the greatest influence on the price and what features (e.g., nationality, artwork size, provenance, city, date of sale) are the most important.