Re:Can I Use Data to Beat Christie's Auction Estimates?
by jaclaz on Monday August 07, 2017 @12:54PM
(#14948992)
>Thanks for reading, I hope to improve the analysis over time.
Good, but I don't see the analysis at all.
I mean you are betting (without any actual money which is good) on the actual auction price of something in the future.
The auction price of a work of art - by definition - is not in any way like the actual market value of anything (it will be MUCH lower or MUCH higher or JUST ABOUT right) depending on a zillion factors that have nothing to do with the actual value of the piece.
And you have so few data points that a statistical approach is mostly meaningless, let alone one based (in the case of a study) based on the differences between it and the final painting.
You could use a few sessions of flippism and get a similar value.
Or count the number of unique RGB colours in the (photos of) the paintings and give each one a value between 1,217 and 23,146 US$ depending on brightness , later multiplied by the square root of the year it was painted and arrive to a same "mathematical" estimation.
Good, but I don't see the analysis at all.
I mean you are betting (without any actual money which is good) on the actual auction price of something in the future.
The auction price of a work of art - by definition - is not in any way like the actual market value of anything (it will be MUCH lower or MUCH higher or JUST ABOUT right) depending on a zillion factors that have nothing to do with the actual value of the piece.
And you have so few data points that a statistical approach is mostly meaningless, let alone one based (in the case of a study) based on the differences between it and the final painting.
You could use a few sessions of flippism and get a similar value.
Or count the number of unique RGB colours in the (photos of) the paintings and give each one a value between 1,217 and 23,146 US$ depending on brightness , later multiplied by the square root of the year it was painted and arrive to a same "mathematical" estimation.