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Experiments on Korean art auction data demonstrate the superiority of our two-step model with the two-level regressor over one-step and two-step alternatives, as well as the hedonic pricing model. While visual features affected one- and two-step models\u2019 training, they boosted performance when integrated into the second-level decision tree, reducing first-level residuals. This emphasizes the two-level regressor\u2019s efficacy in incorporating visual elements for artwork valuation. Our study highlights the potential of our approach in the field of artwork valuation.<\/jats:p>","DOI":"10.3233\/kes-230041","type":"journal-article","created":{"date-parts":[[2023,11,28]],"date-time":"2023-11-28T11:47:42Z","timestamp":1701172062000},"page":"133-147","source":"Crossref","is-referenced-by-count":2,"title":["Two-step model based on XGBoost for predicting artwork prices in auction markets"],"prefix":"10.1177","volume":"28","author":[{"given":"Kyoungok","family":"Kim","sequence":"first","affiliation":[{"name":"Department of Industrial Engineering, Seoul National University of Science & Technology, Nowon-gu, Seoul, Korea"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Jong Baek","family":"Kim","sequence":"additional","affiliation":[{"name":"Department of Data Science, Seoul National University of Science & Technology, Nowon-gu, Seoul, Korea"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"179","reference":[{"issue":"5","key":"10.3233\/KES-230041_ref1","doi-asserted-by":"publisher","first-page":"1139","DOI":"10.1111\/eufm.12348","article-title":"Pricing art and the art of pricing: On returns and risk in art auction markets","volume":"28","author":"Li","year":"2022","journal-title":"European Financial Management"},{"issue":"1","key":"10.3233\/KES-230041_ref5","doi-asserted-by":"crossref","first-page":"13","DOI":"10.1111\/j.1465-7295.1974.tb00223.x","article-title":"Paintings as an Investment","volume":"12","author":"Anderson","year":"1974","journal-title":"Economic Inquiry."},{"issue":"1","key":"10.3233\/KES-230041_ref6","doi-asserted-by":"publisher","first-page":"7","DOI":"10.1007\/BF01112011","article-title":"Prices and returns on paintings: An exercise on how to price the priceless","volume":"19","author":"Chanel","year":"1994","journal-title":"The Geneva Papers on Risk and Insurance Theory"},{"issue":"7","key":"10.3233\/KES-230041_ref7","doi-asserted-by":"crossref","first-page":"1351","DOI":"10.1016\/0014-2921(93)90060-N","article-title":"Revisiting Baumol\u2019s \u2018art as floating crap game\u2019","volume":"37","author":"Buelens","year":"1993","journal-title":"European Economic Review"},{"issue":"1","key":"10.3233\/KES-230041_ref8","doi-asserted-by":"publisher","first-page":"1443372","DOI":"10.1080\/23322039.2018.1443372","article-title":"The comparison of the hedonic, repeat sales, and hybrid models: Evidence from the Chinese paintings market","volume":"6","author":"Wang","year":"2018","journal-title":"Cogent Economics & Finance"},{"key":"10.3233\/KES-230041_ref9","doi-asserted-by":"crossref","first-page":"100788","DOI":"10.1016\/j.ememar.2020.100788","article-title":"Measuring alternative asset prices in an emerging market: The case of the South African art market","volume":"47","author":"Binge","year":"2021","journal-title":"Emerging Markets Review"},{"key":"10.3233\/KES-230041_ref11","doi-asserted-by":"crossref","unstructured":"He K, Zhang X, Ren S, Sun J. 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