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Age-Price Profiles for Canadian Painters at Auction

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  • Douglas James Hodgson

Abstract

We 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.

Suggested Citation

  • Douglas James Hodgson, 2011. "Age-Price Profiles for Canadian Painters at Auction," CIRANO Working Papers 2011s-15, CIRANO.
  • Handle: RePEc:cir:cirwor:2011s-15
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    File URL: http://www.cirano.qc.ca/files/publications/2011s-15.pdf
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    Citations

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    Cited by:

    1. Elena Stepanova, 2017. "The impact of color palettes on the prices of paintings," LEM Papers Series 2017/25, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    2. Christiane Hellmanzik, 2013. "Does travel inspire? Evidence from the superstars of modern art," Empirical Economics, Springer, vol. 45(1), pages 281-303, August.
    3. 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.
    4. Hellmanzik, Christiane, 2010. "Location matters: Estimating cluster premiums for prominent modern artists," European Economic Review, Elsevier, vol. 54(2), pages 199-218, February.
    5. 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.
    6. 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.
    7. Hellmanzik, Christiane, 2016. "Historic art exhibitions and modern - day auction results," Research in Economics, Elsevier, vol. 70(3), pages 421-430.
    8. Hellmanzik, Christiane, 2013. "Democracy and economic outcomes: Evidence from the superstars of modern art," European Journal of Political Economy, Elsevier, vol. 30(C), pages 58-69.

    More about this item

    Keywords

    Auction; Age-price profiles; Canadian painting; hedonic regression;

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