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Age and the Quality of Work: The Case of Modern American Painters

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Author Info
David W. Galenson
Bruce A. Weinberg

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Abstract

Psychologists have found that the age at which successful practitioners typically do their best work varies across professions, but they have not considered whether these peak ages change over time, as economic models suggest they might. Using auction records, we estimate the relationship between artists' ages and the value of their paintings for two successive cohorts of modern American painters. We find that a substantial decline occurred over time in the age at which these artists produced their most valuable - and most important - work, and argue that this was caused by a shift in the nature of the demand for modern art during the 1950s.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 7122.

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Date of creation: May 1999
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Handle: RePEc:nbr:nberwo:7122

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J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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  1. Andrew Worthington & Helen Higgs, 2006. "A Note on Financial Risk, Return and Asset Pricing in Australian Modern and Contemporary Art," Journal of Cultural Economics, Springer, vol. 30(1), pages 73-84, March. [Downloadable!] (restricted)
  2. Richard J. Agnello, 2002. "Investment Returns and Risk for Art: Evidence from Auctions of American Paintings," Eastern Economic Journal, Eastern Economic Association, vol. 28(4), pages 443-463, Fall. [Downloadable!]
  3. Christiane Hellmanzik, 2009. "Artistic styles: revisiting the analysis of modern artists’ careers," Journal of Cultural Economics, Springer, vol. 33(3), pages 201-232, August. [Downloadable!] (restricted)
  4. Victor Ginsburgh & Sheila Weyers, 2006. "Creativity and Life Cycles of Artists," Journal of Cultural Economics, Springer, vol. 30(2), pages 91-107, September. [Downloadable!] (restricted)
  5. William Landes, 2001. "What Has the Visual Artist's Rights Act of 1990 Accomplished?," Journal of Cultural Economics, Springer, vol. 25(4), pages 283-306, November. [Downloadable!] (restricted)
  6. Elish Kelly & John O’Hagan, 2007. "Geographic clustering of economic activity: The case of prominent western visual artists," Journal of Cultural Economics, Springer, vol. 31(2), pages 109-128, June. [Downloadable!] (restricted)
  7. Michael Hutter & Christian Knebel & Gunnar Pietzner & Maren Schäfer, 2007. "Two games in town: a comparison of dealer and auction prices in contemporary visual arts markets," Journal of Cultural Economics, Springer, vol. 31(4), pages 247-261, December. [Downloadable!] (restricted)
  8. Vegard Skirbekk, 2003. "Age and individual productivity: a literature survey," MPIDR Working Papers WP-2003-028, Max Planck Institute for Demographic Research, Rostock, Germany. [Downloadable!]
  9. Rodríguez-Pose, Andrés & Tselios, Vassilis, 2008. "Inequalities in Income and Education and Regional Economic Growth in Western Europe," Papers DYNREG34, Economic and Social Research Institute (ESRI). [Downloadable!]
  10. John Galbraith & Douglas James Hodgson, 2009. "Dimension Reduction and Model Averaging for Estimation of Artists’ Age-Valuation Profiles," CIRANO Working Papers 2009s-41, CIRANO. [Downloadable!]
  11. Christiane Hellmanzik, Department of Economics and IIIS, Trinity College Dublin, 2009. "Artistic Clusters and Modern Artists’ Mobility - An Empirical Study," The Institute for International Integration Studies Discussion Paper Series iiisdp296, IIIS. [Downloadable!]
  12. Lutz Schneider, 2007. "Alterung und technologisches Innovationspotential : Eine Linked-Employer-Employee-Analyse," IWH Discussion Papers 2-07, Halle Institute for Economic Research. [Downloadable!]
  13. Lutz Schneider, 2006. "Sind ältere Beschäftigte weniger produktiv? Eine empirische Analyse anhand des LIAB," IWH Discussion Papers 13-06, Halle Institute for Economic Research. [Downloadable!]
  14. Weinberg, Bruce A., 2004. "Experience and Technology Adoption," IZA Discussion Papers 1051, Institute for the Study of Labor (IZA). [Downloadable!]
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