The “Right” Price for Art Collectibles:
A Quantile Hedonic Regression Investigation of Picasso Paintings

Abstract

Different art objects are likely to be priced by means of different systems of hedonic characteristics; more precisely, different evaluation procedures for high- and low-price items are often postulated. However, the empirical evidence on this point is scant. The purpose of this article is to fill this gap with a quantile hedonic regression approach. Using a dataset of 716 Picasso paintings sold at auction worldwide, the authors highlight the critical role of the price classes in determining the evaluation criteria of art items.