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Galenson, David W.

doi:10.1023/a:1007590329233

Cited by 35 publications

(4 citation statements)

References 12 publications

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“…Buelens and Ginsburgh (1993), Chanel et al (1994), Higgs and Worthington (2005), Hodgson and Vorkink (2004) and Renneboog and Spaenjers (2013) have shown that the prices of paintings are influenced by characteristics, such as the reputation of artists, the living status of artists, provenance, artwork area, artwork orientation, medium, art school, auction house, time of sale, auction location and genre. In addition, the gender of the artist (Adams et al, 2017;Bocart et al, 2018), age of artist at the time of creation of the artwork as well as the nature of artistic creation (Galenson, 2000;Galenson and Weinberg, 2000;Galbraith and Hodgson, 2015), color (Pownall and Graddy, 2016;Stepanova, 2019), aspect ratio and winning of major art price (Higgs and Forster, 2014), placement of painting (Etro and Pagani, 2013) and fame and talent of artists (Angelini and Castellani, 2019) are also found to influence the price of artworks.…”

Section: Introductionmentioning

confidence: 99%

“…, 2017; Bocart et al. , 2018), age of artist at the time of creation of the artwork as well as the nature of artistic creation (Galenson, 2000; Galenson and Weinberg, 2000; Galbraith and Hodgson, 2015), color (Pownall and Graddy, 2016; Stepanova, 2019), aspect ratio and winning of major art price (Higgs and Forster, 2014), placement of painting (Etro and Pagani, 2013) and fame and talent of artists (Angelini and Castellani, 2019) are also found to influence the price of artworks.…”

Section: Introductionmentioning

confidence: 99%

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The economics of art: price determinants and returns on investment in Indian paintings

Gurjar

Ananthakumar

2023

IJSE

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PurposeThe valuation of artworks is challenging since their value encompasses economic, social and cultural values. This study examines two specific questions about the economics of Indian art market: first, the determinants of the price of paintings by Indian artists and second, the risk and return characteristics of investment in Indian paintings. The authors also analyze the role of local context for both questions.Design/methodology/approachThis study uses 8,865 paintings that are auctioned between January, 2000 and June, 2018. A generalized additive model (GAM) is employed to identify the determinants of auction prices and estimate art market price index.FindingsThe results indicate that the price of paintings in the Indian market is impacted by both global and local factors. Consistent with the previous research, this study finds that provenance, literature, living status of an artist, artist reputation, auction house, location and gender determine prices. However, the unique behavior of artwork medium and art movement affiliation in the Indian art market signifies the importance of local context in the valuation of artworks. An analysis of the second aspect of the study, i.e. risk and return characteristics of art investment, suggests that though overall art market returns are not lucrative, there are sub-sections in the market that outperform stocks and other assets. Further, the Indian art market shows a weak or negative correlation with other assets, thus making it a good candidate for a diversified portfolio. One of the important findings of this study is that artworks created by artists associated with the Bombay Progressive Artists' Group (PAG) command a significant price premium over all other artworks. Moreover, the average return on investment in paintings by artists affiliated to the Bombay PAG is not only significantly better than other art movements but also higher than all other art assets.Originality/valueThis study contributes to the growing literature on the economics of art market by providing a comprehensive analysis of the economics of Indian paintings. This research highlights the importance of local factors in price determination and on the risk and return characteristics of art investment. To the best of the authors’ knowledge, it is the most comprehensive study of the economics of Indian painting market and the first study to identify the relationship between Indian art movements and prices of paintings and returns on investment in paintings.

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Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

The economics of art: price determinants and returns on investment in Indian paintings

Gurjar

Ananthakumar

2023

IJSE

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“…), as well as sectors that involve symbolic goods, knowledge and technology to a greater or lesser degree (such as architecture, publicity, design, fashion, and software development) (Throsby, 2001). However, interest in the creative industries is not limited to governments; a number of researchers in different fields have dedicated themselves to understanding the organizational, occupational, economic, and social characteristics of these sectors around the world (e.g., Alper & Wassall, 2006;Faulkner & Anderson, 1987;Galenson, 2000;Menger, 2009).…”

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confidence: 99%

Meaningfulness in Work in Brazilian and French Creative Industries

Bendassolli

Borges–Andrade

2013

Span. J. Psychol.

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This study aimed to investigate the meaningfulness that Brazilian and French artists find in their work, considering the historic French cultural influence in the Brazilian creative industry. The specific objective was to cross-culturally validate a model of meaningfulness in work that was developed in French Canada and that includes five latent variables: learning and development, utility of work, quality of working relationships, autonomy, and moral correctness. The present study used a French Canadian measurement instrument that was developed for the health care and management occupations in Quebec. A total of 648 individuals, 280 in France and 368 in Brazil, provided online responses that were then analyzed using Confirmatory Factor Analysis (CFA) and Multigroup Confirmatory Factor Analysis (MGCFA). The five-factor structure of the meaningfulness in work model was found to be similar for the two samples of artists-although this model was a better fit to the data for the Brazilian creative professionals than the data for their French counterparts. The analyses showed that the two groups understand the structure of the meaningfulness factors in a similar manner (configural and metric invariance). The study also showed that conceived as a social and economic core activity, work is present in the context of the arts as well as in the traditional sectors of the economy for which the model was developed.

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“…Frey and Pommerehne 1989;Galenson 2000). Beyond Price opens the debate to a wide variety of valuation issues, often from original angles.…”

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confidence: 99%

Michael Hutter and David Throsby (eds): Beyond Price. Value in Culture, Economics and the Arts

Velthuis

2008

J Cult Econ

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Untitled

Cited by 35 publications

References 12 publications

The economics of art: price determinants and returns on investment in Indian paintings

The economics of art: price determinants and returns on investment in Indian paintings

Meaningfulness in Work in Brazilian and French Creative Industries

Michael Hutter and David Throsby (eds): Beyond Price. Value in Culture, Economics and the Arts

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