The Influence of News, Expert and Public Opinion on Painting Prices: An Empirical Analysis

Abstract

Online reviews have become a significant factor in determining prices, complementing the intrinsic qualities of goods. In the art market, these reviews elevate the interaction between artists and connoisseurs, but the diverse levels of expertise and influence among participants demand a more detailed approach. This study investigates the impact of expert opinions and public sentiment on painting prices, using a hedonic regression model with artist-specific fixed effects. Given the common practice of buying art for investment in the secondary market, we also analyze the relationship between review sentiment and investment intentions. Based on a dataset of 18,100 sold paintings, we find that negative sentiment from all sources and positive public sentiment significantly influence prices. Moderation analysis shows heightened sensitivity to negative opinions from experts and media reports. This research contributes to understanding the interaction between social media and the art market, as well as key price determinants for artworks.