On the hedonic determinants of art photography prices

The economics of paintings and sculpture have extensively been analysed, but the literature records no application to photography. This article estimates a hedonic model to relate the prices of auctioned photographs to their attributes. Our model explains 53 percent of variations across photographs' values, emphasising the importance of sale location, career period of the photographer, and the presence of a pre-sale estimate. There is insufficient evidence whether photographs can be a valuable financial asset.