A0669
Title: From quality to utility, an empirical study of artist reputations impact on contemporary art market price
Authors: Simeng Chang - Erasmus University Rotterdam (Netherlands) [presenting]
Abstract: The aim is to analyze how an artists reputation determines the market price of his or her artworks. Reputation is a proxy of quality as well as art price. In other words, reputation signals the artistic value of the artwork and generates the economic value. In the art field, an artistic reputation is built through the process where the artistic value is recognized and enhanced by getting constantly attention from the art experts. In the art market, consumers aesthetic utility is confirmed by assessing the quality from artistic reputation. The aesthetic utility is further enhanced by the added value derived from market reputation. Therefore, the price of an artwork with higher reputation is higher since the quality uncertainty is reduced and the consumer utility is raised. Using the reputation quantified tool, Artfacts artist ranking, and auction data, we are intended to empirically identify the reputation effect on the art market price.
