Picasso paintings at auction, 1963-1994

We examine the market of Picasso paintings sold at auction between 1963 and 1994. Using the hedonic regression method we test whether and in which way dimensions, materials used, signature, where and by whom the art work was sold, the catalogue raisonné number, working periods, exhibitions and provenance play a significant role in the determination of the price. We find that many folk-assumptions are not supported by the data at hand. © 1997 Kluwer Academic Publishers.