This study develops a novel 2-step hedonic approach, which is used to construct a price index for German paintings. This approach enables the researcher to use every single auction record, instead of only those auction records that belong to a sub-sample of selected artists. This results in a...

The compilation of commercial property price indices is a big challenge. In Germany, substantive data gaps prevent the calculation of official figures by the national statistical authority. By contrast, policymakers urge for timely, reliable and comprehensive data. In this paper, proposals are...