Quantifying the link between art and property prices in urban neighbourhoods

Posted on May 3, 2016

WISC authors Chanuki SeresinheTobias Preis and Suzy Moat explore, in their recent Royal Society Open Science article, whether there is an association between art and changes in the economic conditions of urban neighbourhoods. While popular media and policymakers commonly believe this to be the case, quantitative evidence remains lacking. In their article, they use metadata of geotagged photographs, uploaded to the popular image-sharing platform Flickr, to quantify the presence of art in London neighbourhoods. They estimate the presence of art in neighbourhoods by determining the proportion of Flickr photographs which have the word ‘art’ attached and compare this with the relative gain in residential property prices for each Inner London neighbourhood. They find that neighbourhoods which have a higher proportion of ‘art’ photographs also have greater relative gains in property prices, findings that demonstrate how online data can be used to quantify aspects of the visual environment at scale, and reveal new connections between the visual environment and crucial socio-economic measurements.

The full article can be found here