Table 3 Regressions for each Latin...

Table 3

Regressions for each Latin American style, real dollar prices

		(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
		Abstract-geometric	Abstract-informal	Conceptual	Costumbrismo	Cubism	Figurative	Muralism	Landscape	Surrealism	Nineteenth century	Avant garde
		Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)
Area	Ln(area)	0.392***	0.403***	0.337***	0.415***	0.505***	0.510***	0.505***	0.448***	0.431***	0.435***	0.664***
Area	Ln(area)	(0.0192)	(0.0222)	(0.0425)	(0.0289)	(0.0483)	(0.0201)	(0.0163)	(0.0201)	(0.0142)	(0.0339)	(0.0341)
Technique (omitted variable acrylic)	Charcoal	0	0	0	−0.198	0	1.211***	0	0	−0.496*	0	0
	Charcoal	(.)	(.)	(.)	(1.092)	(.)	(0.175)	(.)	(.)	(0.267)	(.)	(.)
	Gouache	0	0	0	0.213	−1.480**	0.884**	1.525**	0	0.0792	−0.974	0
	Gouache	(.)	(.)	(.)	(0.452)	(0.602)	(0.282)	(0.607)	(.)	(0.219)	(1.165)	(.)
	Ink	0	0	0	0	0	1.566***	0.243	0	−0.227	0	0
	Ink	(.)	(.)	(.)	(.)	(.)	(0.473)	(0.290)	(.)	(0.283)	(.)	(.)
	Mixed	−0.169**	0.490***	0.480**	0.892***	0.104	0.184**	1.002***	0.500***	0.360***	−0.0961	−0.554***
	Mixed	(0.0646)	(0.0794)	(0.160)	(0.101)	(0.185)	(0.0723)	(0.0624)	(0.0839)	(0.0558)	(0.244)	(0.133)
	Oil	−0.111*	0.930***	1.122***	1.186***	0.520**	1.106***	1.478***	0.547***	0.855***	0.279**	−0.0187
	Oil	(0.0608)	(0.0708)	(0.195)	(0.0968)	(0.165)	(0.0545)	(0.0596)	(0.0469)	(0.0491)	(0.127)	(0.0882)
	Other	0	0	0	0	0	0	0	0	0	0	0
	Other	(.)	(.)	(.)	(.)	(.)	(.)	(.)	(.)	(.)	(.)	(.)
	Pastel	0	0	0	0	0	1.346***	0	0	0.118	−0.149	0
	Pastel	(.)	(.)	(.)	(.)	(.)	(0.255)	(.)	(.)	(0.119)	(0.396)	(.)
	Pencil	0	0	0	1.866*	0	1.530***	−0.324	0	0.711***	−0.359	0
	Pencil	(.)	(.)	(.)	(1.093)	(.)	(0.156)	(1.209)	(.)	(0.142)	(0.838)	(.)
	Tempera	0	0	0	0	0	0.762	0.911	0	−0.0903	0	0
	Tempera	(.)	(.)	(.)	(.)	(.)	(0.831)	(0.699)	(.)	(0.456)	(.)	(.)
	Watercolor	−0.256	0.535**	−0.0744	0.977***	−0.570*	1.263***	1.147***	0.354*	0.367**	−0.145	−0.952**
	Watercolor	(0.528)	(0.192)	(0.316)	(0.189)	(0.320)	(0.141)	(0.0976)	(0.210)	(0.146)	(0.241)	(0.363)
	Work on paper	−0.553***	0.304**	0.408*	0.719***	0	0.185*	0.724***	−0.0610	0.0863	0.0484	−0.635***
	Work on paper	(0.110)	(0.112)	(0.221)	(0.108)	(.)	(0.0996)	(0.0647)	(0.110)	(0.0640)	(0.225)	(0.122)
Auction house (omitted var, Other houses) Topic (omitted, variable, other styles)	Christie's	1.394***	0.684***	−0.104	1.170***	0.853***	0.842***	0.809***	1.458***	0.966***	0.725***	−0.436***
	Christie's	(0.0867)	(0.145)	(0.158)	(0.0943)	(0.257)	(0.107)	(0.0853)	(0.163)	(0.0523)	(0.122)	(0.106)
	Sotheby's	1.608***	0.591***	0.217	1.133***	0.732**	0.759***	0.819***	1.284***	0.923***	0.780***	−0.426***
	Sotheby's	(0.0906)	(0.159)	(0.195)	(0.0991)	(0.263)	(0.112)	(0.0865)	(0.167)	(0.0526)	(0.121)	(0.121)
	Abstract	0.709***	0.0351	2.502***	0.648***	−1.196***	−0.389	−0.0596	−0.238	1.058***	−0.470	−0.352
	Abstract	(0.107)	(0.0916)	(0.287)	(0.188)	(0.339)	(0.246)	(0.225)	(0.487)	(0.0483)	(0.591)	(0.257)
	Animals	0.372	0.167	−0.116	−0.379**	−0.561*	0.261*	0.172	−0.593**	0.130**	0.203	0.0476
	Animals	(0.284)	(0.300)	(0.295)	(0.123)	(0.324)	(0.138)	(0.114)	(0.257)	(0.0646)	(0.289)	(0.257)
	Landscape	0.501***	−0.0700	0.265	0.298**	−0.887***	−0.0747	0.139*	−0.0198	−0.0446	0.101	0.470***
	Landscape	(0.147)	(0.109)	(0.257)	(0.117)	(0.190)	(0.0979)	(0.0736)	(0.114)	(0.0706)	(0.132)	(0.130)
	Nude	0.232	0.252	−1.654	0.123	−1.281***	0.625***	0.0841	0.0896	0.201	−0.532	0.231
	Nude	(0.386)	(0.338)	(1.068)	(0.300)	(0.333)	(0.137)	(0.114)	(0.190)	(0.148)	(0.365)	(0.256)
	Object	0.415**	0.107	0.0186	0.0745	−0.185	−0.0569	0.523***	0.462**	−0.0347	−0.261	0.213
	Object	(0.171)	(0.209)	(0.287)	(0.183)	(0.274)	(0.128)	(0.145)	(0.142)	(0.111)	(0.238)	(0.202)
	People	0.121	0.302**	0.386	0.0503	−0.272*	0.414***	0.554***	0.0864	0.377***	−0.245**	0.331**
	People	(0.137)	(0.102)	(0.252)	(0.0799)	(0.153)	(0.0627)	(0.0507)	(0.130)	(0.0483)	(0.125)	(0.119)
	Portrait	−0.109	−0.0231	−0.228	−0.0348	−0.853**	0.549***	0.148**	0.317	0.175	−0.271	−0.123
	Portrait	(0.249)	(0.286)	(0.354)	(0.121)	(0.295)	(0.112)	(0.0708)	(0.195)	(0.120)	(0.166)	(0.169)
	Religion	0.412*	0.263	−0.0413	0.0640	−0.537**	0.974***	0.341***	0.211	0.408***	−0.0193	0.297
	Religion	(0.220)	(0.202)	(0.536)	(0.120)	(0.255)	(0.107)	(0.0960)	(0.161)	(0.0731)	(0.145)	(0.229)
	Self-Portrait	1.159	−0.198	0	0.724	−0.439	1.674***	0.341**	1.305***	0.618***	−0.0335	0.129
	Self-Portrait	(0.836)	(0.530)	(.)	(0.562)	(0.548)	(0.313)	(0.122)	(0.245)	(0.172)	(1.158)	(0.284)
	Still life	0.476**	0.294*	−0.0635	−0.494***	−0.0984	0.613***	0.544***	−0.111	0.240**	−0.489**	−0.135
	Still life	(0.161)	(0.152)	(0.365)	(0.113)	(0.195)	(0.0833)	(0.0776)	(0.124)	(0.0944)	(0.180)	(0.129)
	Untitled	−0.00557	−0.00476	−0.410**	−0.106	−0.454**	0.140*	0.111	−0.306**	0.246***	−0.576**	−0.0769
	Untitled	(0.115)	(0.0867)	(0.135)	(0.100)	(0.218)	(0.0743)	(0.0775)	(0.129)	(0.0505)	(0.215)	(0.157)
	Urban	0.666***	0.418**	−0.210	0.0328	−0.745***	0.157	0.280***	−0.0799	0.0124	−0.171	0.468***
	Urban	(0.152)	(0.173)	(0.382)	(0.116)	(0.197)	(0.102)	(0.0827)	(0.120)	(0.0966)	(0.164)	(0.141)
Other characteristics	Signed	−0.152**	0.0454	−0.697***	−0.175**	−0.134	−0.0772	−0.0548	−0.272***	−0.370***	−0.289**	0.148**
	Signed	(0.0705)	(0.0832)	(0.133)	(0.0674)	(0.144)	(0.0692)	(0.0478)	(0.0528)	(0.0388)	(0.101)	(0.0713)
	Dated	−0.143**	0.104*	0.146	0.100*	0.229**	0.565***	0.373***	0.0909**	0.198***	0.573***	0.00103
	Dated	(0.0596)	(0.0582)	(0.131)	(0.0521)	(0.0893)	(0.0438)	(0.0336)	(0.0377)	(0.0311)	(0.0775)	(0.0597)
	New York City	0.543***	0.523***	0.711***	0.218**	0.160	0.352***	0.993***	0.831***	0.478***	0.409***	1.160***
	New York City	(0.0826)	(0.141)	(0.142)	(0.0885)	(0.253)	(0.102)	(0.0813)	(0.153)	(0.0477)	(0.112)	(0.100)
	Alive	−0.207***	−0.552***	−1.345***	−0.207**	−1.004**	0.549***	−0.867***	0.302***	−0.945***	−0.866***	0.493**
	Alive	(0.0541)	(0.0579)	(0.164)	(0.0632)	(0.452)	(0.0476)	(0.0411)	(0.0503)	(0.0320)	(0.219)	(0.192)
	Women	0.787***	−0.237	0	0.542***	0	−0.00390	0	0	0.969***	0	0.853***
	Women	(0.115)	(0.147)	(.)	(0.1000)	(.)	(0.192)	(.)	(.)	(0.0522)	(.)	(0.110)
	_cons	2,761	1,470	464	2,289	646	3,476	6,185	3,656	6,855	1,216	1,270
	N	0.567	0.630	0.621	0.464	0.544	0.654	0.593	0.526	0.613	0.423	0.495
	r2_o	0.567	0.630	0.621	0.464	0.544	0.654	0.593	0.526	0.613	0.423	0.495
	r2_w
	r2_b	0.556	0.612	0.581	0.447	0.499	0.646	0.588	0.517	0.609	0.389	0.467
	r2_a	0.567	0.639	0.626	0.475	0.544	0.660	0.596	0.557	0.615	0.429	0.548
	Time fixed effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
	Style fixed effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
	Controls	All	All	All	All	All	All	All	All	All	All	All

		(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)	(11)
		Abstract-geometric	Abstract-informal	Conceptual	Costumbrismo	Cubism	Figurative	Muralism	Landscape	Surrealism	Nineteenth century	Avant garde
		Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)
Area	Ln(area)	0.392***	0.403***	0.337***	0.415***	0.505***	0.510***	0.505***	0.448***	0.431***	0.435***	0.664***
Area	Ln(area)	(0.0192)	(0.0222)	(0.0425)	(0.0289)	(0.0483)	(0.0201)	(0.0163)	(0.0201)	(0.0142)	(0.0339)	(0.0341)
Technique (omitted variable acrylic)	Charcoal	0	0	0	−0.198	0	1.211***	0	0	−0.496*	0	0
	Charcoal	(.)	(.)	(.)	(1.092)	(.)	(0.175)	(.)	(.)	(0.267)	(.)	(.)
	Gouache	0	0	0	0.213	−1.480**	0.884**	1.525**	0	0.0792	−0.974	0
	Gouache	(.)	(.)	(.)	(0.452)	(0.602)	(0.282)	(0.607)	(.)	(0.219)	(1.165)	(.)
	Ink	0	0	0	0	0	1.566***	0.243	0	−0.227	0	0
	Ink	(.)	(.)	(.)	(.)	(.)	(0.473)	(0.290)	(.)	(0.283)	(.)	(.)
	Mixed	−0.169**	0.490***	0.480**	0.892***	0.104	0.184**	1.002***	0.500***	0.360***	−0.0961	−0.554***
	Mixed	(0.0646)	(0.0794)	(0.160)	(0.101)	(0.185)	(0.0723)	(0.0624)	(0.0839)	(0.0558)	(0.244)	(0.133)
	Oil	−0.111*	0.930***	1.122***	1.186***	0.520**	1.106***	1.478***	0.547***	0.855***	0.279**	−0.0187
	Oil	(0.0608)	(0.0708)	(0.195)	(0.0968)	(0.165)	(0.0545)	(0.0596)	(0.0469)	(0.0491)	(0.127)	(0.0882)
	Other	0	0	0	0	0	0	0	0	0	0	0
	Other	(.)	(.)	(.)	(.)	(.)	(.)	(.)	(.)	(.)	(.)	(.)
	Pastel	0	0	0	0	0	1.346***	0	0	0.118	−0.149	0
	Pastel	(.)	(.)	(.)	(.)	(.)	(0.255)	(.)	(.)	(0.119)	(0.396)	(.)
	Pencil	0	0	0	1.866*	0	1.530***	−0.324	0	0.711***	−0.359	0
	Pencil	(.)	(.)	(.)	(1.093)	(.)	(0.156)	(1.209)	(.)	(0.142)	(0.838)	(.)
	Tempera	0	0	0	0	0	0.762	0.911	0	−0.0903	0	0
	Tempera	(.)	(.)	(.)	(.)	(.)	(0.831)	(0.699)	(.)	(0.456)	(.)	(.)
	Watercolor	−0.256	0.535**	−0.0744	0.977***	−0.570*	1.263***	1.147***	0.354*	0.367**	−0.145	−0.952**
	Watercolor	(0.528)	(0.192)	(0.316)	(0.189)	(0.320)	(0.141)	(0.0976)	(0.210)	(0.146)	(0.241)	(0.363)
	Work on paper	−0.553***	0.304**	0.408*	0.719***	0	0.185*	0.724***	−0.0610	0.0863	0.0484	−0.635***
	Work on paper	(0.110)	(0.112)	(0.221)	(0.108)	(.)	(0.0996)	(0.0647)	(0.110)	(0.0640)	(0.225)	(0.122)
Auction house (omitted var, Other houses)Topic (omitted, variable, other styles)	Christie's	1.394***	0.684***	−0.104	1.170***	0.853***	0.842***	0.809***	1.458***	0.966***	0.725***	−0.436***
	Christie's	(0.0867)	(0.145)	(0.158)	(0.0943)	(0.257)	(0.107)	(0.0853)	(0.163)	(0.0523)	(0.122)	(0.106)
	Sotheby's	1.608***	0.591***	0.217	1.133***	0.732**	0.759***	0.819***	1.284***	0.923***	0.780***	−0.426***
	Sotheby's	(0.0906)	(0.159)	(0.195)	(0.0991)	(0.263)	(0.112)	(0.0865)	(0.167)	(0.0526)	(0.121)	(0.121)
	Abstract	0.709***	0.0351	2.502***	0.648***	−1.196***	−0.389	−0.0596	−0.238	1.058***	−0.470	−0.352
	Abstract	(0.107)	(0.0916)	(0.287)	(0.188)	(0.339)	(0.246)	(0.225)	(0.487)	(0.0483)	(0.591)	(0.257)
	Animals	0.372	0.167	−0.116	−0.379**	−0.561*	0.261*	0.172	−0.593**	0.130**	0.203	0.0476
	Animals	(0.284)	(0.300)	(0.295)	(0.123)	(0.324)	(0.138)	(0.114)	(0.257)	(0.0646)	(0.289)	(0.257)
	Landscape	0.501***	−0.0700	0.265	0.298**	−0.887***	−0.0747	0.139*	−0.0198	−0.0446	0.101	0.470***
	Landscape	(0.147)	(0.109)	(0.257)	(0.117)	(0.190)	(0.0979)	(0.0736)	(0.114)	(0.0706)	(0.132)	(0.130)
	Nude	0.232	0.252	−1.654	0.123	−1.281***	0.625***	0.0841	0.0896	0.201	−0.532	0.231
	Nude	(0.386)	(0.338)	(1.068)	(0.300)	(0.333)	(0.137)	(0.114)	(0.190)	(0.148)	(0.365)	(0.256)
	Object	0.415**	0.107	0.0186	0.0745	−0.185	−0.0569	0.523***	0.462**	−0.0347	−0.261	0.213
	Object	(0.171)	(0.209)	(0.287)	(0.183)	(0.274)	(0.128)	(0.145)	(0.142)	(0.111)	(0.238)	(0.202)
	People	0.121	0.302**	0.386	0.0503	−0.272*	0.414***	0.554***	0.0864	0.377***	−0.245**	0.331**
	People	(0.137)	(0.102)	(0.252)	(0.0799)	(0.153)	(0.0627)	(0.0507)	(0.130)	(0.0483)	(0.125)	(0.119)
	Portrait	−0.109	−0.0231	−0.228	−0.0348	−0.853**	0.549***	0.148**	0.317	0.175	−0.271	−0.123
	Portrait	(0.249)	(0.286)	(0.354)	(0.121)	(0.295)	(0.112)	(0.0708)	(0.195)	(0.120)	(0.166)	(0.169)
	Religion	0.412*	0.263	−0.0413	0.0640	−0.537**	0.974***	0.341***	0.211	0.408***	−0.0193	0.297
	Religion	(0.220)	(0.202)	(0.536)	(0.120)	(0.255)	(0.107)	(0.0960)	(0.161)	(0.0731)	(0.145)	(0.229)
	Self-Portrait	1.159	−0.198	0	0.724	−0.439	1.674***	0.341**	1.305***	0.618***	−0.0335	0.129
	Self-Portrait	(0.836)	(0.530)	(.)	(0.562)	(0.548)	(0.313)	(0.122)	(0.245)	(0.172)	(1.158)	(0.284)
	Still life	0.476**	0.294*	−0.0635	−0.494***	−0.0984	0.613***	0.544***	−0.111	0.240**	−0.489**	−0.135
	Still life	(0.161)	(0.152)	(0.365)	(0.113)	(0.195)	(0.0833)	(0.0776)	(0.124)	(0.0944)	(0.180)	(0.129)
	Untitled	−0.00557	−0.00476	−0.410**	−0.106	−0.454**	0.140*	0.111	−0.306**	0.246***	−0.576**	−0.0769
	Untitled	(0.115)	(0.0867)	(0.135)	(0.100)	(0.218)	(0.0743)	(0.0775)	(0.129)	(0.0505)	(0.215)	(0.157)
	Urban	0.666***	0.418**	−0.210	0.0328	−0.745***	0.157	0.280***	−0.0799	0.0124	−0.171	0.468***
	Urban	(0.152)	(0.173)	(0.382)	(0.116)	(0.197)	(0.102)	(0.0827)	(0.120)	(0.0966)	(0.164)	(0.141)
Other characteristics	Signed	−0.152**	0.0454	−0.697***	−0.175**	−0.134	−0.0772	−0.0548	−0.272***	−0.370***	−0.289**	0.148**
	Signed	(0.0705)	(0.0832)	(0.133)	(0.0674)	(0.144)	(0.0692)	(0.0478)	(0.0528)	(0.0388)	(0.101)	(0.0713)
	Dated	−0.143**	0.104*	0.146	0.100*	0.229**	0.565***	0.373***	0.0909**	0.198***	0.573***	0.00103
	Dated	(0.0596)	(0.0582)	(0.131)	(0.0521)	(0.0893)	(0.0438)	(0.0336)	(0.0377)	(0.0311)	(0.0775)	(0.0597)
	New York City	0.543***	0.523***	0.711***	0.218**	0.160	0.352***	0.993***	0.831***	0.478***	0.409***	1.160***
	New York City	(0.0826)	(0.141)	(0.142)	(0.0885)	(0.253)	(0.102)	(0.0813)	(0.153)	(0.0477)	(0.112)	(0.100)
	Alive	−0.207***	−0.552***	−1.345***	−0.207**	−1.004**	0.549***	−0.867***	0.302***	−0.945***	−0.866***	0.493**
	Alive	(0.0541)	(0.0579)	(0.164)	(0.0632)	(0.452)	(0.0476)	(0.0411)	(0.0503)	(0.0320)	(0.219)	(0.192)
	Women	0.787***	−0.237	0	0.542***	0	−0.00390	0	0	0.969***	0	0.853***
	Women	(0.115)	(0.147)	(.)	(0.1000)	(.)	(0.192)	(.)	(.)	(0.0522)	(.)	(0.110)
	_cons	2,761	1,470	464	2,289	646	3,476	6,185	3,656	6,855	1,216	1,270
	N	0.567	0.630	0.621	0.464	0.544	0.654	0.593	0.526	0.613	0.423	0.495
	r2_o	0.567	0.630	0.621	0.464	0.544	0.654	0.593	0.526	0.613	0.423	0.495
	r2_w
	r2_b	0.556	0.612	0.581	0.447	0.499	0.646	0.588	0.517	0.609	0.389	0.467
	r2_a	0.567	0.639	0.626	0.475	0.544	0.660	0.596	0.557	0.615	0.429	0.548
	Time fixed effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
	Style fixed effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
	Controls	All	All	All	All	All	All	All	All	All	All	All

Note(s): Standard errors in parentheses

*p < 0.10, **p < 0.05, ***p < 0.01

Source(s): Own calculations, based on art market information obtained from Blouin Art

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