Age-Price Profiles for Canadian Painters at Auction
AbstractWe conduct an empirical analysis of the effect on the auction price of a Canadian painting of the age of the painter at the time of creation of the painting. We consider several hundred artists, active over the entire history of Canadian art, who are pooled in the estimation of a hedonic regression in which a polynomial function in age enters as a regressor along with several other control variables. We then consider the possibility that the age-price relationship has changed over time by : (a) estimating separate age-price functions for three generational groups of artists - those born before 1880, between 1880 and 1920, and after 1920 and thus coming of age in the world of post-war “contemporary art” ; and (b) estimating a parameterization where the shape of the age-price profile is permitted to change continuously depending on the year of birth of the artist. Our principal result is that artists born more recently tend to “peak” earlier in their careers than those of previous generations. As pertaining to artists born after 1920, this result is consistent with the findings of Galenson (2000) for modern American painters, but we find that the phenemenon applies over longer periods of art history.
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Bibliographic InfoPaper provided by CIRANO in its series CIRANO Working Papers with number 2011s-15.
Date of creation: 01 Jan 2011
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Auction; Age-price profiles; Canadian painting; hedonic regression;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-02-12 (All new papers)
- NEP-CUL-2011-02-12 (Cultural Economics)
- NEP-HIS-2011-02-12 (Business, Economic & Financial History)
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- John Galbraith & Douglas James Hodgson, 2009.
"Dimension Reduction and Model Averaging for Estimation of Artists’ Age-Valuation Profiles,"
CIRANO Working Papers, CIRANO
- Galbraith, John W. & Hodgson, Douglas J., 2012. "Dimension reduction and model averaging for estimation of artists' age-valuation profiles," European Economic Review, Elsevier, vol. 56(3), pages 422-435.
- Christiane Hellmanzik, 2009. "Artistic styles: revisiting the analysis of modern artistsâ€™ careers," Journal of Cultural Economics, Springer, Springer, vol. 33(3), pages 201-232, August.
- Christiane Hellmanzik, 2013. "Does travel inspire? Evidence from the superstars of modern art," Empirical Economics, Springer, Springer, vol. 45(1), pages 281-303, August.
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