Assessing Quality in Cultural Goods: The Hedonic Value of Originality in Rembrandt's Prints |
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| Authors: | Elisabetta Lazzaro |
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| Institution: | (1) Department of Economics “Marco Fanno”, University of Padova, Via del Santo 33, 35123 Padova, Italy |
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| Abstract: | The definition of quality, and its consistent assessment, is a fundamental issue when dealing with collectibles. We analyze
how originality is priced by the market. The market for prints by Rembrandt is considered. An original database has been built
including almost 5,000 transactions in the international auction market during the period 1985–1998. The data allow us to
control for many different characteristics (market, aesthetic, originality, authenticity, rarity, art history, techniques,
conservation, etc.). The concept of “state” is used to measure originality. In printmaking a state is defined as the artist's
creative phase, which occurs on the plate before inking and printing. We test whether (non-original) posthumous states are
sold at prices lower than Rembrandt's own (original) states. 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. Furthermore, a decreasing value among subsequent original states has proved to positively account for Rembrandt's direct
invention.
JEL classification: Z11, D46, C52 |
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| Keywords: | art markets Old Master prints originality and rarity |
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