Meet Senior Thesis Prize Co-Winner Christina Li ’26

Congratulations to Christina Li, co-winner of the 2026 CDH Senior Thesis Prize! Christina recently graduated with a B.S.E. in Operations Research and Financial Engineering and minors in Art History and French Language and Culture. Her thesis, entitled “The Value of Art,” was advised by Alain Kornhauser (ORFE).

We asked Christina about her award-winning project.

Let’s start with a quick summary. How would you describe your work in a few sentences?

My thesis investigates how monetary value is formed in the fine art auction market through social, political, economic, and artistic forces—or a lack thereof. Using a dataset of fine art auction sales, I analyze the factors that determine whether an artwork sells and, if it does, how much it sells for. I find that social prestige and institutional recognition are the strongest predictors of success at auction. Ultimately, however, my thesis asks what art is worth to the individual and to society, beyond its monetary value.

Christina explains: “I use the story of the Degenerate Art exhibition, and these Kirchner paintings in particular, as an introduction to my thesis, framing the discussion about the relationship between art, value, and institutions.” The top painting included a label that "noted it was ‘purchased with the taxes of working German people’ by the Nationalgalerie in 1920, for 12,000 German marks (or $100,000 USD today). This seemingly high figure was intended to provoke visitors.” In contrast, the “very similar Kirchner [below] was sold at auction at Christie’s in 2006 for over $38 million USD.”

What drew you to your topic?

I am deeply interested in art history, and working with auction data allowed me to combine this passion with my technical background in Operations Research and Financial Engineering. At Princeton, I have taken several courses in modern and contemporary art history where we discussed the commercialization of art.

Tell us about the computational aspects of your project.

To analyze auction results, I estimated hedonic regressions with fixed effects, difference-in-diffferences, and event study models around major exhibitions, allowing me to examine how institutional recognition affected artists’ market values over time. I also implemented neural network models to predict auction outcomes based on artwork, artist, and auction characteristics, providing a complementary approach to understanding the factors that drive prices. 

What is one takeaway—either personal or intellectual—from your senior thesis experience?

I am inspired and encouraged by the potential for the humanities to be deeply interrogated and enriched through the application of engineering tools and principles. 

Any connections between your thesis and your future plans?

My dream is to become a curator. My thesis has reinforced my interest in the important role that art plays in our institutions and societies.