An Analysis of Pricing and Returns in the Market for French Canadian Paintings
نویسنده
چکیده
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 properties of this 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 French Canadian paintings.
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