Keywords
Canadian paintings, hedonic regressions, art investment returns
Abstract
The valuation of Canadian paintings is analysed empirically. Using a sample of auction prices for major Canadian painters for the period 1968–2001, we run hedonic regressions to analyse the influence of various factors, including painter identity, on auction prices, as well as to construct a market price index. This index is used in a second-stage analysis in which we analyse the properties of Canadian art viewed as an investment asset. We apply standard asset pricing theory, as incorporated in the capital asset pricing model (CAPM), to the analysis of price movements in the market for Canadian paintings.
Original Publication Citation
“Asset Pricing Theory and the Valuation of Canadian Paintings,” (with Douglas Hodgson), 2004, Canadian Journal of Economics, 37, 629-655.
BYU ScholarsArchive Citation
Hodgson, Douglas J. and Vorkink, Keith, "Asset Pricing Theory and the Valuation of Canadian Paintings" (2004). Faculty Publications. 9219.
https://scholarsarchive.byu.edu/facpub/9219
Document Type
Peer-Reviewed Article
Publication Date
2004
Publisher
Canadian Journal of Economics
Language
English
College
Marriott School of Business
Department
Finance
Copyright Status
© Canadian Economics Association
Copyright Use Information
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