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Unlimited Prices: An Extreme Value Distribution Approach to Estimating Art Prices

Larsen, Joacim (2013) FMS820 20131
Mathematical Statistics
Abstract (Swedish)
I set out to construct a valuation model for paintings using a newly created sample consisting of paintings sold at Impressionist and Modern art auctions at Sotheby’s between the latter half of 2003 until the end of 2006. I create a valuation model using the standard hedonic regression methods used by other researchers in the art market and describe a new way of viewing the dynamics of the art market, leading to an extreme value distribution approach to estimating the hedonic regression. The resulting models, using both the standard
method and the extreme value method, are then compared to the performance of the Sotheby’s own pre-sale estimates.
Please use this url to cite or link to this publication:
author
Larsen, Joacim
supervisor
organization
course
FMS820 20131
year
type
H2 - Master's Degree (Two Years)
subject
language
English
id
3693972
date added to LUP
2013-04-23 10:47:32
date last changed
2013-04-23 10:47:32
@misc{3693972,
  abstract     = {I set out to construct a valuation model for paintings using a newly created sample consisting of paintings sold at Impressionist and Modern art auctions at Sotheby’s between the latter half of 2003 until the end of 2006. I create a valuation model using the standard hedonic regression methods used by other researchers in the art market and describe a new way of viewing the dynamics of the art market, leading to an extreme value distribution approach to estimating the hedonic regression. The resulting models, using both the standard
method and the extreme value method, are then compared to the performance of the Sotheby’s own pre-sale estimates.},
  author       = {Larsen, Joacim},
  language     = {eng},
  note         = {Student Paper},
  title        = {Unlimited Prices: An Extreme Value Distribution Approach to Estimating Art Prices},
  year         = {2013},
}