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Art Prices and Race: Paintings by African American Artists and Their White Contemporaries

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Listed:
  • Richard Agnello

    () (Department of Economics,University of Delaware)

  • Xiaowen Xu

    (Department of Economics,University of Dela)

Abstract

In this paper we compare prices of oil paintings sold at auction from 1972 to 2004 for African American artists and their white contemporaries. It is widely documented by the art community that African American art has been under appreciated in America going back to the time of slavery. Along with the great strides made in the twentieth century towards racial equality in the U.S., African American art has become recognized in the national and international art scene with much focus from galleries, programs and exhibitions. Our interest is to investigate the extent that economic and financial markets have incorporated mainstream acceptance of African American art.

Suggested Citation

  • Richard Agnello & Xiaowen Xu, 2006. "Art Prices and Race: Paintings by African American Artists and Their White Contemporaries," Working Papers 06-06, University of Delaware, Department of Economics.
  • Handle: RePEc:dlw:wpaper:06-06
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    File URL: http://graduate.lerner.udel.edu/sites/default/files/ECON/PDFs/RePEc/dlw/WorkingPapers/2006/UDWP2006-06.pdf
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    References listed on IDEAS

    as
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    6. Sebastian Edwards, 2004. "The Economics of Latin American Art: Creativity Patterns and Rates of Return," ECONOMIA JOURNAL, THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION - LACEA, vol. 0(Spring 20), pages 1-35, January.
    7. Chanel, O. & Gerard, L.A. & Ginsburgh, V., 1992. "The Relevence of Hedonic Price Indices the Case of Paintings," G.R.E.Q.A.M. 92a19, Universite Aix-Marseille III.
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    11. Richard Agnello & Renée Pierce, 1996. "Financial returns, price determinants, and genre effects in American art investment," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 20(4), pages 359-383, December.
    12. Anderson, Robert C, 1974. "Paintings as an Investment," Economic Inquiry, Western Economic Association International, vol. 12(1), pages 13-26, March.
    13. 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.
    14. Richard J. Agnello, 2006. "Do U.S. Paintings Follow the CAPM? Findings Disaggregated by Subject, Artist, and Value of the Work," Working Papers 06-02, University of Delaware, Department of Economics.
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