Looking Expensive: Experts’ Valuation of Paintings Influenced by Context
Qin Li 1
Many factors influence the price of artwork. Few studies have focused on how contextual variables influence price despite their influence on how people experience and evaluate art. I constructed an online experimental study to look at painting setting (i.e., museum, street), painting attributes (i.e., style, reputation), and viewers’ expertise to determine their influences on price. The results of the experiment showed that setting, style, and reputation interact with expertise to affect the pricing of art. Contrary to expectation, the results showed that experts were most influenced by setting manipulation when determining price, despite their reported familiarity with the established paintings. Experts and quasi-experts were also more likely to price paintings according to reputation than novices. There was also a significant three-way interaction between expertise, reputation, and style, whereby those with greater expertise were influenced by reputation and style when pricing art compared to novices.