Canadian versus American Art: What Pays Off and Why
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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- Olivier Chanel & Louis-André Gérard-Varet & Victor Ginsburgh, 1994.
"Prices and returns on paintings: an exercise on how to price the priceless,"
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2013/1721, ULB -- Universite Libre de Bruxelles.
- O. Chanel & L. A. Gerard-Varet & V. Ginsburgh, 1994. "Prices and Returns on Paintings: An Exercise on How to Price the Priceless," The Geneva Risk and Insurance Review, Palgrave Macmillan, vol. 19(1), pages 7-21, June.
- Chanel, O. & Gerard-Varet, L. A. & Ginsburgh, V., . "Prices and returns on paintings: an exercice on how to price the priceless," CORE Discussion Papers RP 1106, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Chanel, O. & Gerard-Varet, L.A. & Ginsburgh, V., 1993. "Prices and Returns on Paintings and Exercise on How to Price the Priceless," G.R.E.Q.A.M. 93b01, Universite Aix-Marseille III.
- 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.
- 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.
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