Pricing Factors for Works of Modern Art (the Case of Easel Painting)

Student: Shklyarik Olesya

Educational Programme: Economics (Bachelor)

Year of Graduation: 2019

When you visit a museum or an art gallery and stop at a peace of art, you mainly inclined to ask yourself two questions: “Do I like it?” and “Who is the artist?”. Looking at an artwork in an auction you ask yourself the same questions, but now you become curious in a more cynical way about it: “What is the price for it?” and “How much is it going to cost in 5 years’ time?”. This research paper investigates the relationship between the art and the money, answering those questions by considering different factors influencing the price of an artwork sold on auction. The main objective of the  research is to analyze the structure of factors, considering the artwork price segment. The research is based on the sample of top Russian modern and contemporary artists, whose artworks were sold on auction. The expected result of the study is that the structure of factors varies depending on the price segment to which the painting belongs.

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