Canadian versus American Art: What Pays Off and Why

Author: Valsan C.

Source: Journal of Cultural Economics, Volume 26, Number 3, August 2002 , pp. 203-216(14)

Publisher: Springer

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Abstract:

This study investigates the relationship between the market value of art and the nationality of the painter. A sample of modern and contemporary Canadian and American paintings is analyzed using non-parametric tests and a hedonic regression model. The results show a significant relationship between aesthetic painting characteristics, such as subject matter, and market valuation. In general, the price of Canadian art is well below that of American art. Even after adjusting for painting characteristics, Canadian paintings appear to be less expensive still. It is believed that Canadian painters looked at the Northern landscape to define a national identity, thus playing to a limited audience, the only that could relate to the beauty of the Canadian scenery. This programmatic approach could explain some of the aforementioned differences in market valuation.

Keywords: Canadian art; hedonic model; valuation

Language: English

Document Type: Regular paper

Affiliations: 1: Williams School of Business and Economics, Bishop's University, Lennoxville, QC Canada J1M 1Z7

Publication date: 2002-08-01