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Asset Pricing Theory and the Valuation of Canadian Paintings

27 Pages Posted: 12 Jul 2004  

Douglas J. Hodgson

University of Quebec at Montreal (UQAM) - Department of Economics

Keith Vorkink

Brigham Young University - J. Willard and Alice S. Marriott School of Management

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.

Suggested Citation

Hodgson, Douglas J. and Vorkink, Keith, Asset Pricing Theory and the Valuation of Canadian Paintings. Canadian Journal of Economics, Vol. 37, No. 3. pp. 629-655, August 2004. Available at SSRN: https://ssrn.com/abstract=563587

Douglas J. Hodgson (Contact Author)

University of Quebec at Montreal (UQAM) - Department of Economics ( email )

P.O. Box 8888, Downtown Station
Montreal, Quebec H3C 3P8
Canada

Keith Vorkink

Brigham Young University - J. Willard and Alice S. Marriott School of Management ( email )

Provo, UT 84602
United States

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