Artprice Indicator®
The exclusive Artprice Indicator® gives you access, at the click of a
mouse, to indicative values for an artwork in different years.
June 1, 2004
Artprice launches the Artprice Indicator®: 21 million prices on line.
Artprice, the world leader in art market information, launched its Artprice
Indicator® on Tuesday, 1 June 2004.
This tool will enable users to track the prices of works stored in the Artprice
database year by year.
For the first time in the history of the art market, users can consult an individual
index for a particular work, giving both its present and historical (10 years
dating from 1993) values.
Over 21 million prices are now available on line.
The Artprice Indicator is the result of almost three years' research by the
department of econometrics and IT.
In order to provide maximum precision, the reference index on which the Artprice
Indicator is calculated takes into account all the distinguishing characteristics
of a work: besides the signature, size and medium, the hedonistic pricing model
also factors in the period the work dates from, the materials and technique used,
and the venue of the sale.
The econometric modelling is individually tailored to each work. For maximum
transparency, each result is given a star rating reflecting the "degree of
precision" attributable to the estimated value. The more precise Artprice
Indicator is, the greater the number of stars.
Full information and subscription terms and conditions can be found at www.artprice.com.
As Thierry Ehrmann, Artprice's founding chairman and CEO, says «up
until now, the only tools the art market had for estimating the price of a work
of art were a few historical auction results and a general index for the artist.
Given the unique characteristics of a work of art, this information did not produce
an accurate estimate. But the Artprice Indicator now makes this possible."
The Artprice Indicator uses all the available information on the work and the
artist to generate a series of present values based on econometric equations.
We have subjected our data to rigorous tests: we compared 70,000 present values
of the Artprice Indicator against experts' estimates for the corresponding dates.
The results are conclusive - the Artprice Indicator diverges by no more than 7
to 9% from the experts' estimates.»
The revolutionary tool for a work by work pricing
Artprice Indicator® gives you access, at the click of a mouse, to indicative values
for an artwork in different years. The information is accessible via the artist's
auction results.
Artprice Indicator ® Methodology
Stage 1: calculating an index of prices specific to the work
Stage 2: choice of index for each year
Stage 3: calculating the degree of relevance
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