Dynamic price dependence of Canadian and international art markets: an empirical analysis

Basit Öğe Kaydı
dc.WoS.categoriesEconomics; Social Sciences, Mathematical Methodsen_US
dc.authorid0000-0003-4139-2728en_US
dc.contributor.authorSeçkin, Aylin
dc.contributor.authorHodgson, Douglas J.
dc.date.accessioned2021-01-21T12:55:23Z
dc.date.available2021-01-21T12:55:23Z
dc.date.issued2012-10
dc.description.abstractAlthough the market for Canadian paintings is now of substantial magnitude, with several works having recently been sold for well over a million dollars, it remains true that with very few exceptions, the works of Canadian painters are bought and sold only in Canada and seem to be held only by Canadian collectors. This market can thus be viewed as largely local, and it is therefore not clear whether there should be any linkage between price movements for Canadian art and those for the mainstream international market in old master, impressionist, and modern art. This article investigates the presence and nature of such time series dependence econometrically, both in terms of long-term trends as reflected in the co-integrating relationship between Canadian and the international market, and in terms of short-run co-movements as represented in correlations. The possibility that the local market "follows" the international one is also considered through an analysis of Granger causality. For Canadian art prices, we use a new hedonic index that has been computed using an updated version of the dataset of Hodgson and Vorkink (Can J Econ 37:629-655, 2004), while for the international prices, we use an index provided by Mei and Moses (Am Econ Rev 92:1656-1668, 2002).en_US
dc.fullTextLevelFull Texten_US
dc.identifier.doi10.1007/s00181-011-0502-z
dc.identifier.issn0377-7332
dc.identifier.scopus2-s2.0-84866447157en_US
dc.identifier.urihttps://hdl.handle.net/11411/3152
dc.identifier.urihttps://doi.org/10.1007/s00181-011-0502-z
dc.identifier.wosWOS:000308827200019en_US
dc.identifier.wosqualityQ3en_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.issue2en_US
dc.language.isoenen_US
dc.nationalInternationalen_US
dc.numberofauthors2en_US
dc.pages867-890en_US
dc.publisherPhysica-Verlag Gmbh & Coen_US
dc.relation.ispartofEmpirical Economicsen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectAlternative investmentsen_US
dc.subjectEconomics of art marketsen_US
dc.subjectMarket for paintingsen_US
dc.subjectTime series analysisen_US
dc.subjectCAPMen_US
dc.titleDynamic price dependence of Canadian and international art markets: an empirical analysis
dc.typeArticle
dc.volume43en_US

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