Economics seminars - Luc RENNEBOOG

"Colors, Emotions, and the Auction Value of Paintings"

Dear all,

 You are cordially invited to the following seminar co-organized by CERPE, CRED and CEREFIM at the Department of Economics in Namur.

 Hope to see you all,

 

"Colors, Emotions, and the Auction Value of Paintings"

 Speaker: Luc Renneboog

  (Tilburg University)

Date and time: Tuesday, May 7, 2019 at 4pm

 Room 401, Rempart de la Vierge 8, Namur

 

 Abstract

We study the impact of colors of paintings on prices in the art auction market and incorporate color attributes of non-figurative paintings in pricing models. A one standard deviation increase in the percentages of blue (red) hue leads to premiums of 10.63% (4.20%). We also conduct laboratory experiments in China, the Netherlands, and U.S., and elicit participants’ willingness-to-pay and emotions (pleasure-arousal). Blue (red) paintings command 18.57% (17.28%) higher bids and stronger intention to purchase. Although abstract art is visually arousing, it is the emotional pleasure channel that relates colors and prices. Our results are consistent across all three cultures.

More information: http://defipp.unamur.be/events/economics-seminars-luc-renneboog

Other seminars: http://defipp.unamur.be/seminars

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