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| Author: | Lazzarro, E. |
| Title: | Assessing quality in cultural goods: the hedonic value of originality in Rembrandt's prints |
| Journal: | Journal of Cultural Economics
2006 : MAR, VOL. 30:1, p. 15-40 |
| Index terms: | art market arts culture |
| Language: | eng |
| Abstract: | This paper investigates how originality is priced by the market. The market in case is the market for Rembrandt's prints. Data from almost 5,000 transactions in the international auction market during the period 1985-1998 allows to control different characteristics, such as market, originality and rarity. The concept of "state" is used to measure originality. A state is defined as the artist's creative phase, which occurs on the plate before inking and printing. It is found that the implicit price associated with the state has been found to significantly decrease if the state was later printed by someone else when it was no longer the master's intervention on the plate. In addition, A decreasing value among subsequent original states has proved to positively account for Rembrandt's direct invention. |
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