Identification of Factors of Marine Painters Paintings Based on Hedonic Regression

In this study, we aim to analyze determinants of prices for painting of 8 marine artists from a number of different countries with the help of hedonic regression based on the data collected from the artprice.com website. We concentrate on prices by which artworks were sold on the auctions during the last three decades instead of gallery prices. The determinants of prices are separated in three main groups: characteristics of the artwork (size, material and technique), the artist (age, country), and the auction house (country, reputation, lot number). Our main findings are the factors that can be considered as strong explanatory factors for artwork prices of marine painters such as size of the painting, artist himself, artist`s age, presence of artist`s signature, date, or both on the painting, material and technique of the painting (paper, engraving, pencil, etc) and also the auction house, more precisely whether it is European or American auction house other than Sotheby`s or Christie`s.