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The art of valuation: Using visual analysis to price classical paintings by Swedish Masters.


ABSTRACT: This study seeks to address the difficulty of pricing art and the limitations of conventional valuation models by using visual analysis to determine the price of paintings. We examine a large hand-collected sample of classical paintings by Swedish Masters, categorize them based on various dimensions, and reduce measurement error by visually examining and classifying each painting into a theme. We compare this 'visual' approach with the conventional 'terminological' approach. We find that the technique, theme, and auction house all have a substantial impact on the price. We argue that a visual inspection should take precedence over analysis based on the artwork's title. This is because the latter leaves many artworks unclassified and results in a systematic bias. The study demonstrates the importance of using art-informed characteristics to reduce measurement error in pricing paintings.

SUBMITTER: De Ridder A 

PROVIDER: S-EPMC10798490 | biostudies-literature | 2024

REPOSITORIES: biostudies-literature

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The art of valuation: Using visual analysis to price classical paintings by Swedish Masters.

De Ridder Adri A   Eriksen Steffen S   Scholtens Bert B  

PloS one 20240119 1


This study seeks to address the difficulty of pricing art and the limitations of conventional valuation models by using visual analysis to determine the price of paintings. We examine a large hand-collected sample of classical paintings by Swedish Masters, categorize them based on various dimensions, and reduce measurement error by visually examining and classifying each painting into a theme. We compare this 'visual' approach with the conventional 'terminological' approach. We find that the tec  ...[more]

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