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Relationships between artistic movements and careers of modern artists: evidence from hedonic regressions with auction data

Author

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  • Douglas J. Hodgson

    (UQAM)

  • Christiane Hellmanzik

    (Technische Universität Dortmund)

Abstract

The now-substantial literature on the career age-valuation profiles of artists has paid limited attention to the effects on the profiles of association with artistic movements. There are nonetheless many reasons why association with a more or less well-defined movement can be important for the career dynamic of an artist. The relation between careers and movement association has been studied by Accominotti (Poetics 37:267–294, 2009), who works with data on numbers of reproductions in art history books. The hedonic analysis of auction data in this area is limited, with results of regressions of pooled groups of artists being reported, for example, by Hellmanzik (Journal of Cultural Economics 33:201–232, 2009) and Hodgson (Journal of Cultural Economics 35:287–308, 2011). We undertake a hedonic regression analysis using a large data set on recent auction prices for nearly 300 important modern painters. We focus on the possible contribution to career creativity profiles of movement association in the context of pooled regressions where movement-specific effects are included in addition to pooled age effects, for such major movements as Cubism, Surrealism, and Pop Art. We also consider the effects of association with different categories of movements, whether artist-defined or critic- or historian-defined. In order to gauge the degree of intra-movement heterogeneity in creativity profiles, we also estimate a specification in which individual-artist profiles are added.

Suggested Citation

  • Douglas J. Hodgson & Christiane Hellmanzik, 2019. "Relationships between artistic movements and careers of modern artists: evidence from hedonic regressions with auction data," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 43(2), pages 309-337, June.
    • Handle: RePEc:kap:jculte:v:43:y:2019:i:2:d:10.1007_s10824-019-09343-6
    DOI: 10.1007/s10824-019-09343-6
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    References listed on IDEAS

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    1. Victor Ginsburgh & Sheila Weyers, 2006. "Creation and life cycles of artists," ULB Institutional Repository 2013/5257, ULB -- Universite Libre de Bruxelles.
    2. Christiane Hellmanzik, 2009. "Artistic styles: revisiting the analysis of modern artists’ careers," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 33(3), pages 201-232, August.
    3. David Galenson, 2000. "The Careers of Modern Artists," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 24(2), pages 87-112, May.
    4. John Galbraith & Douglas Hodgson, 2015. "Innovation, experience and artists’ age-valuation profiles: evidence from eighteenth-century rococo and neoclassical painters," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 39(3), pages 259-275, August.
    5. David W. Galenson & Bruce A. Weinberg, 2000. "Age and the Quality of Work: The Case of Modern American Painters," Journal of Political Economy, University of Chicago Press, vol. 108(4), pages 761-777, August.
    6. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-838, May.
    7. Victor Ginsburgh & Sheila Weyers, 2006. "Creativity and Life Cycles of Artists," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 30(2), pages 91-107, September.
    8. David W. Galenson & Bruce A. Weinberg, 2001. "Creating Modern Art: The Changing Careers of Painters in France from Impressionism to Cubism," American Economic Review, American Economic Association, vol. 91(4), pages 1063-1071, September.
    9. Elish Kelly & John O’Hagan, 2007. "Geographic clustering of economic activity: The case of prominent western visual artists," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 31(2), pages 109-128, June.
    10. Hellmanzik, Christiane, 2010. "Location matters: Estimating cluster premiums for prominent modern artists," European Economic Review, Elsevier, vol. 54(2), pages 199-218, February.
    11. Douglas James Hodgson, 2011. "Age-Price Profiles for Canadian Painters at Auction," CIRANO Working Papers 2011s-15, CIRANO.
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    Cited by:

    1. Tim R. L. Fry, 2020. "Heterogeneity in Auction Price Distributions for Australian Indigenous Artists," The Economic Record, The Economic Society of Australia, vol. 96(313), pages 177-186, June.
    2. Prieto-Rodriguez, Juan & Vecco, Marilena, 2021. "Reading between the lines in the art market: Lack of transparency and price heterogeneity as an indicator of multiple equilibria," Economic Modelling, Elsevier, vol. 102(C).
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    More about this item

    Keywords

    Art markets; Creativity analysis; Art auctions;
    All these keywords.

    JEL classification:

    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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