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Better off dead? Prices realised for Australian paintings sold at auction

Coate, Bronwyn S. and Fry, Tim L. R. 2012, Better off dead? Prices realised for Australian paintings sold at auction, in ACEI 2010 : Proceedings of the 16th International Conference on Cultural Economics 2010, Association for Cultural Economics International, Copenhagen, Demark, pp. 1-27.

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Title Better off dead? Prices realised for Australian paintings sold at auction
Author(s) Coate, Bronwyn S.
Fry, Tim L. R.
Conference name International Conference on Cultural Economics (16th : 2010 : Copenhagen, Denmark)
Conference location Copenhagen, Denmark
Conference dates 9-12 June, 2010
Title of proceedings ACEI 2010 : Proceedings of the 16th International Conference on Cultural Economics 2010
Editor(s) unknown
Publication date 2012
Conference series International Conference on Cultural Economics
Start page 1
End page 27
Total pages 27
Publisher Association for Cultural Economics International
Place of publication Copenhagen, Demark
Keyword(s) Australian paintings
indigenous paintings
auction prices
death
conditional life expectancy
Summary Using auction sales data on Australian paintings over the period 1995 and 2003 we investigate the relationship between artists‟ living status and the price of paintings sold at auction. For deceased artists we consider the time since their death and for living artists their conditional life expectancy. Hedonic regression analysis is applied separately to the data on Indigenous and non-Indigenous paintings. Comparing the modelling results across Indigenous and non-Indigenous paintings we see evidence of two different patterns of response to an artist‟s living status. Both yield non-linear impacts but for Indigenous paintings these are quadratic and for non-Indigenous they are quartic. Thus the response to living status in the more recent market for Indigenous paintings is different to the more established market for non-Indigenous paintings. Whilst the responses differ for the two types of paintings, in answer to the question posed and in terms of the price of a painting at auction an artist is better off long dead or close to death.
Language eng
Field of Research 140219 Welfare Economics
Socio Economic Objective 919999 Economic Framework not elsewhere classified
HERDC Research category EN.1 Other conference paper
HERDC collection year 2010
Persistent URL http://hdl.handle.net/10536/DRO/DU:30053505

Document type: Conference Paper
Collection: Centre for Memory, Imagination and Invention
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Created: Tue, 09 Jul 2013, 12:42:20 EST by Bronwyn Coate

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