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Canadian versus American Art: What Pays Off and Why

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  • Calin Valsan
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    Abstract

    This study investigates the relationship between the market value of artand the nationality of the painter. A sample of modern and contemporaryCanadian and American paintings is analyzed using non-parametric testsand a hedonic regression model. The results show a significantrelationship between aesthetic painting characteristics, such as subjectmatter, and market valuation. In general, the price of Canadian art iswell below that of American art. Even after adjusting for paintingcharacteristics, Canadian paintings appear to be less expensive still.It is believed that Canadian painters looked at the Northern landscapeto define a national identity, thus playing to a limited audience, theonly that could relate to the beauty of the Canadian scenery. Thisprogrammatic approach could explain some of the aforementioneddifferences in market valuation. Copyright Kluwer Academic Publishers 2002

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    File URL: http://hdl.handle.net/10.1023/A:1015641715440
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    Bibliographic Info

    Article provided by Springer in its journal Journal of Cultural Economics.

    Volume (Year): 26 (2002)
    Issue (Month): 3 (August)
    Pages: 203-216

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    Handle: RePEc:kap:jculte:v:26:y:2002:i:3:p:203-216

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    Web page: http://www.springerlink.com/link.asp?id=100284

    Related research

    Keywords: Canadian art; hedonic model; valuation;

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    1. Olivier Chanel & Louis-André Gérard-Varlet & Victor Ginsburgh, 1994. "Prices and returns on paintings: an exercise on how to price the priceless," ULB Institutional Repository 2013/1721, ULB -- Universite Libre de Bruxelles.
    2. Baumol, William J, 1986. "Unnatural Value: Or Art Investment as Floating Crap Game," American Economic Review, American Economic Association, vol. 76(2), pages 10-14, May.
    3. Michael F. Bryan, 1985. "Beauty and the bulls: the investment characteristics of paintings," Economic Review, Federal Reserve Bank of Cleveland, issue Q I, pages 2-10.
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    Cited by:
    1. Nauro F. Campos & Renata Leite Barbosa, 2009. "Paintings and numbers: an econometric investigation of sales rates, prices, and returns in Latin American art auctions," Oxford Economic Papers, Oxford University Press, vol. 61(1), pages 28-51, January.
    2. Douglas Hodgson & Aylin Seçkin, 2012. "Dynamic price dependence of Canadian and international art markets: an empirical analysis," Empirical Economics, Springer, vol. 43(2), pages 867-890, October.

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