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Calin Valsan and Robert Sproule
''Hedonic Models and Pre-Auction Estimates: Abstract Art Revisited''
( 2006, Vol. 26 No.5 )
We investigate the predictive power of hedonic models compared to that of pre-auction estimates in the context of art auctions. We use a panel data consisting of abstract paintings and a methodology that employs the estimates as instrumental variables in the framework of a hedonic regression model. The results suggest that hedonic models have no better predictive power than that of the estimates. Pre-auction estimates appear to fully account for the available public information on works of art.
JEL: Z1 - Cultural Economics; Economic Sociology; Economic Anthropology: General
D4 - Market Structure and Pricing: General
Manuscript Received : Sep 29 2006 Manuscript Accepted : Nov 22 2006

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