Value of Art

The scope of this research paper is to analyze the art market on the case of paintings sold in the period 2006-2016 at Christie’s auction house. In particular, this study evaluates which factors affect the prices of paintings by looking at their hedonic characteristics, the places of sale and economic recession. Two regressions were implemented in order to identify which of the features do have an impact. One of the main findings is that the size, signature, monogram and oil positively affect the prices, whereas inscription and frame have a negative influence. In addition, the place where the painting is sold influence the price as well, auctioning a painting at the headquarters being more profitable than doing so in other offices. Lastly, it was found that the financial crisis of 2008 had a strong impact, the biggest drop in prices being observed in the second quarter of 2009.