Table A1

Aggregate regressions (all Latin American artistic styles), real dollar prices

(1)(2)(3)(4)
Ln(Price)Ln(Price)Ln(Price)Ln(Price)
AreaLn(area)0.441***0.477***0.520***0.516***
(0.00703)(0.00723)(0.00687)(0.00693)
Technique (omitted variable: acrylic)Charcoal0.696***0.999***  
(0.151)(0.157)  
Gouache0.006330.223  
(0.159)(0.165)  
Ink−0.005630.298  
(0.193)(0.200)  
Mixed0.309***0.331***  
(0.0249)(0.0258)  
Oil0.690***0.819***  
(0.0205)(0.0210)  
Other00  
(.)(.)  
Pastel0.408***0.795***  
(0.104)(0.108)  
Pencil1.299***1.671***  
(0.104)(0.107)  
Tempera0.2030.589  
(0.366)(0.380)  
Watercolor0.489***0.585***  
(0.0555)(0.0575)  
Work on paper0.04630.153***  
(0.0289)(0.0298)  
Auction house (omitted variable: other houses)


Topic (omitted variable: other styles)
Christie's1.032*** 1.202*** 
(0.0310) (0.0322) 
Sotheby's1.007*** 1.193*** 
(0.0319) (0.0330) 
Abstract0.856***  1.042***
(0.0319)  (0.0328)
Animal0.117**  0.107**
(0.0462)  (0.0483)
Landscape0.225***  0.241***
(0.0314)  (0.0328)
Nude0.186**  0.137**
(0.0643)  (0.0673)
Object0.212***  0.315***
(0.0518)  (0.0542)
People0.401***  0.413***
(0.0259)  (0.0271)
Portrait0.198***  0.251***
(0.0427)  (0.0447)
Religion0.438***  0.438***
(0.0419)  (0.0438)
Self-portrait0.487***  0.489***
(0.0836)  (0.0875)
Still life0.211***  0.252***
(0.0357)  (0.0372)
Untitled0.0417  −0.0396
(0.0294)  (0.0307)
Urban0.186***  0.260***
(0.0368)  (0.0385)
Other characteristicsSigned−0.249***−0.277***−0.254***−0.201***
(0.0208)(0.0216)(0.0216)(0.0217)
Dated0.268***0.274***0.210***0.245***
(0.0154)(0.0160)(0.0160)(0.0160)
New York City0.654***1.475***0.560***1.575***
(0.0294)(0.0172)(0.0305)(0.0170)
Alive−0.424***−0.455***−0.482***−0.503***
(0.0174)(0.0180)(0.0181)(0.0181)
Women0.524***0.463***0.407***0.570***
(0.0375)(0.0388)(0.0390)(0.0392)
_cons5.887***6.109***5.911***5.599***
(0.140)(0.143)(0.143)(0.145)
N    
r2_o30,28830,28830,28830,288
r2_w0.5060.4610.4560.457
r2_b0.4960.4540.4460.447
r2_a0.6710.6370.5810.502
Time fixed effects0.4950.4530.4450.446
Style fixed effectsYesYesYesYes
ControlsAllMaterialAuction HouseTopic

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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