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Determinants of sales and price at auction for three Australian Indigenous artists: to pool or not to pool?

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Listed:
  • Lisa Farrell

    (RMIT University)

  • Jane M. Fry

    (Monash University)

  • Tim R. L. Fry

    (RMIT University)

Abstract

Albert Namatjira (1902–1959), Emily Kame Kngwarreye (c1910–1996) and Rover (Julama) Thomas (c1926–1998) are three of Australia’s best-known Indigenous artists. Each is known for one style of painting—Namatjira for watercolor on paper, Kngwarreye for acrylic (synthetic polymer) on canvas and Thomas for natural earth pigments on canvas. We estimate a sample selectivity model using data from the Australian Art Sales Digest to study the determinants of sales and the hammer price of artworks offered at auction from these artists. The results show that pre-sale information on the artwork and auction effects are significant and that the three artists studied are very different from each other. Thus, data should not be pooled when estimating these models.

Suggested Citation

  • Lisa Farrell & Jane M. Fry & Tim R. L. Fry, 2018. "Determinants of sales and price at auction for three Australian Indigenous artists: to pool or not to pool?," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 42(3), pages 507-520, August.
    • Handle: RePEc:kap:jculte:v:42:y:2018:i:3:d:10.1007_s10824-017-9314-0
    DOI: 10.1007/s10824-017-9314-0
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    References listed on IDEAS

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    1. Guido Candela & Massimiliano Castellani & Pierpaolo Pattitoni, 2012. "Tribal art market: signs and signals," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 36(4), pages 289-308, November.
    2. Calin Valsan & Robert Sproule, 2006. "Hedonic Models and Pre-Auction Estimates: Abstract Art Revisited," Economics Bulletin, AccessEcon, vol. 26(5), pages 1-10.
    3. William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, March.
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    5. Marinelli, Nicoletta & Palomba, Giulio, 2011. "A model for pricing Italian Contemporary Art paintings at auction," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(2), pages 212-224, May.
    6. Marta Herrero, 2010. "Performing Calculation In The Art Market," Journal of Cultural Economy, Taylor & Francis Journals, vol. 3(1), pages 19-34, March.
    7. Klemperer, Paul, 1999. " Auction Theory: A Guide to the Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 13(3), pages 227-86, July.
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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. Lisa Farrell & Jane M. Fry & Tim R. L. Fry, 2021. "Gender differences in hammer prices for Australian Indigenous art," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 45(1), pages 1-12, March.
    3. Régis Blazy & Marie Blum, 2022. "Horizontal and vertical differentiation in comic art auctions," Economic Inquiry, Western Economic Association International, vol. 60(3), pages 1382-1415, July.

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    More about this item

    Keywords

    Pooled data; Selectivity correction; Auction prices; Indigenous artwork;
    All these keywords.

    JEL classification:

    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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