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

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 paper is to fill this gap by using the quantile hedonic regression approach. Using a data set of 716 Picasso paintings sold at auction worldwide, we highlight the critical role of the price classes in determining the evaluation criteria of art items.