Colors, Emotions, and the Auction Value of Paintings

Marshall (Xiaoyin) Ma, Charles Noussair, Luc Renneboog

Research output: Working paperDiscussion paperOther research output

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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.
Original languageEnglish
Place of PublicationTilburg
PublisherCentER, Center for Economic Research
Number of pages72
Volume2019-006
Publication statusPublished - 21 Feb 2019

Publication series

NameCentER Discussion Paper
Volume2019-006

Fingerprint

Emotion
Auctions
Pleasure
Art
Standard deviation
Willingness-to-pay
Bid
China
Auction market
Purchase
Arousal
Laboratory experiments
Premium
The Netherlands

Keywords

  • emotion
  • auction
  • art investment
  • cultural economics

Cite this

Ma, M. X., Noussair, C., & Renneboog, L. (2019). Colors, Emotions, and the Auction Value of Paintings. (CentER Discussion Paper; Vol. 2019-006). Tilburg: CentER, Center for Economic Research.
Ma, Marshall (Xiaoyin) ; Noussair, Charles ; Renneboog, Luc. / Colors, Emotions, and the Auction Value of Paintings. Tilburg : CentER, Center for Economic Research, 2019. (CentER Discussion Paper).
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Ma, MX, Noussair, C & Renneboog, L 2019 'Colors, Emotions, and the Auction Value of Paintings' CentER Discussion Paper, vol. 2019-006, CentER, Center for Economic Research, Tilburg.

Colors, Emotions, and the Auction Value of Paintings. / Ma, Marshall (Xiaoyin); Noussair, Charles; Renneboog, Luc.

Tilburg : CentER, Center for Economic Research, 2019. (CentER Discussion Paper; Vol. 2019-006).

Research output: Working paperDiscussion paperOther research output

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AB - 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.

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Ma MX, Noussair C, Renneboog L. Colors, Emotions, and the Auction Value of Paintings. Tilburg: CentER, Center for Economic Research. 2019 Feb 21. (CentER Discussion Paper).