Towards data oriented analysis of the art market: survey and outlook

Abstract

Due to the constantly growing interest in alternati ve investments, the art market has become the subject of numerous studies. By publishing sales data, many services and aucti on houses provide a foundati on for further research on the latest trends. Determining the defi niti on of the arti sti c value or formalisati on of appraisal may be considered quite complex. Stati sti cal analysis, econometric methods or data mining techniques could pave the way towards bett er understanding of the mechanisms occurring on the art market. The goal of this paper is to identi fy, describe and compare soluti ons (and related challenges) that help to analyse, make decisions and defi ne state of the art in the context of the intersecti on of econometrics on art markets and computer science. This work is also a starti ng point for further research.