Modelling Aesthetic Variables In The Valuation Of Paintings: An Interval Goal Programming Approach

摘要

The economic valuation of works of art differs from the valuation of other assets in terms of the aesthetic criteria. The quantitative variables in case of works of arts, especially, in paintings, include surface area of the painting, reputation of the author, age and nationality of the painter, time of death, technique used, type of work, subject matter and like. These variables cannot satisfactorily explain the variability of price in paintings, especially when analyzing works of art by different artistes.rnThe present research work tries to carry out an aesthetic valuation and then approach economic valuation. The valuation model considers the inclusion of an aesthetic explanatory variable defined by an expert judgment and it also considers the possibility of the variable to be defined imprecisely as an interval of values.