The Impact of the Personal Characteristics of Artists on the Price of Their Contemporary Artworks Based on the Hedonic Model

Abstract

As an economic model, the Hedonic model can be used to explain the formation of commodity prices and the factors behind it. In the field of art, researchers can also use the Hedonic model to explore the formation mechanism of art prices and its influencing factors. The practical value of artworks is very limited, so their prices are mainly determined by their non-practical value. The non-practical value includes the personal characteristics of the artist, the characteristics of the artwork itself, the auction characteristics of the artwork, and so on. Through the Hedonic model and regression analysis of various explanatory variables that may potentially affect the price of artworks, this paper obtains a number of factors that significantly affect the price of contemporary paintings in terms of the artists personal characteristics. According to the results, it is found that the price of an artwork can be affected by the artists overall reputation, experience, and background, and whether the artist is still alive.