Year: 1997
Type: report
Abstract: Using transactions from fine art auctions for 42 leading American contemporary artists I estimate the relationship between the value of a painting and the artist's age at the date of its execution. The econometric estimates show that artists born before 1920 were likely to have done their most valuable work late in their careers, while in contrast artists born in the 1920s and 30s were more likely to have done their most valuable work at an early age. Comparison of these results to evidence drawn from art history textbooks and museum exhibitions furthermore indicates that these artists' most valuable work has also been that most highly regarded by scholars. I argue that the shift across generations in the shape of these artists' age-price profiles was a result of both the evolution of modern" painting and a growth in the demand for contemporary American art during the 1950s and 60s.
DOI: 10.3386/w6331
Author: David Galenson
Institutions: National Bureau of Economic Research, University of Chicago
Language: English
Subfield: Visual Arts and Performing Arts
Field: Arts and Humanities
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W1523419609