Asset Pricing Theory and the Valuation of Canadian Paintings
نویسنده
چکیده
The valuation of Canadian paintings is analyzed empirically. Using a sample of auction prices for major Canadian painters for the period 19682001, we run hedonic regressions to analyze the in‡uence 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 analyze the properties of Canadian art viewed as an investment asset. We consider the extent to which standard asset pricing theory, as incorporated in the capital asset pricing model (CAPM), can account for price movements in the market for Canadian paintings.
منابع مشابه
An Analysis of Pricing and Returns in the Market for French Canadian Paintings
The valuation of French Canadian paintings is analyzed empirically. Using a sample of auction prices for major French Canadian painters for the period 1968-2005, we run hedonic regressions to analyze 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 analyze the ...
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