The art of valuation : using visual analysis to price classical paintings by Swedish Masters
Abstract
This study seeks to address the difficulty of pricing art and the limitations of conventional valuation models by using visual analysis to determine the price of paintings. We examine a large hand-collected sample of classical paintings by Swedish Masters, categorize them based on various dimensions, and reduce measurement error by visually examining and classifying each painting into a theme. We compare this ‘visual’ approach with the conventional ‘terminological’ approach. We find that the technique, theme, and auction house all have a substantial impact on the price. We argue that a visual inspection should take precedence over analysis based on the artwork’s title. This is because the latter leaves many artworks unclassified and results in a systematic bias. The study demonstrates the importance of using art-informed characteristics to reduce measurement error in pricing paintings.
Citation
De Ridder , A , Eriksen , S & Scholtens , B 2024 , ' The art of valuation : using visual analysis to price classical paintings by Swedish Masters ' , PLoS ONE , vol. 19 , no. 1 , e0296906 . https://doi.org/10.1371/journal.pone.0296906
Publication
PLoS ONE
Status
Peer reviewed
ISSN
1932-6203Type
Journal article
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