age price profiles for canadian painters at auction英文文献资料.pdfVIP

J Cult Econ (2011) 35:287–308 DOI 10.1007/s10824-011-9150-6 ORI GIN AL ARTICLE Age–price profiles for Canadian painters at auction Douglas J. Hodgson Received: 6 April 2010 / Accepted: 3 August 2011 / Published online: 18 September 2011 Springer Science+Business Media, LLC. 2011 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 over two 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 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. Keywords Hedonic pricing model Art markets Art auctions 1 Introduction It has been widely observed that the quality and importance of the work of a given artist can depend on the age of the artist when the work was executed. The pattern linking age to quality can of course depend on idiosyncrasies of the individual artist, but there may be common elements affecting many artists in the same way. The historical and national schools to which they belong, educational and market standards, membership in specific artistic movements, and the styli