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