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An analysis of pricing and returns in the market for French Canadian paintings

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  • Douglas Hodgson

Abstract

The valuation of French Canadian paintings is analysed empirically. Using a sample of auction prices for major French Canadian painters for the period 1968 to 2005, we run hedonic regressions to determine the influence of various factors, including painter identity, on auction prices, as well as to construct a market price index. This is then used in a second stage analysis of the properties of these art works viewed as investment assets. We consider the extent to which standard asset pricing theory, as represented by the capital asset pricing model, can account for price movements in the market for French Canadian paintings.

Suggested Citation

  • Douglas Hodgson, 2011. "An analysis of pricing and returns in the market for French Canadian paintings," Applied Economics, Taylor & Francis Journals, vol. 43(1), pages 63-73.
    • Handle: RePEc:taf:applec:v:43:y:2011:i:1:p:63-73
    DOI: 10.1080/00036840802400462
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    Cited by:

    1. Stephen Sheppard, 2021. "Image Content, Complexity, and the Market Value of Art," Department of Economics Working Papers 2021-08, Department of Economics, Williams College.
    2. Douglas Hodgson & Aylin Seçkin, 2012. "Dynamic price dependence of Canadian and international art markets: an empirical analysis," Empirical Economics, Springer, vol. 43(2), pages 867-890, October.
    3. Anna Lucińska, 2015. "The Art Market in the European Union," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 21(1), pages 67-79, March.
    4. Belma Öztürkkal & Aslı Togan-Eğrican, 2020. "Art investment: hedging or safe haven through financial crises," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 44(3), pages 481-529, September.

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