Table A1 Aggregate regressions (all...

Table A1

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

		(1)	(2)	(3)	(4)
		Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)
Area	Ln(area)	0.441***	0.477***	0.520***	0.516***
Area	Ln(area)	(0.00703)	(0.00723)	(0.00687)	(0.00693)
Technique (omitted variable: acrylic)	Charcoal	0.696***	0.999***
	Charcoal	(0.151)	(0.157)
	Gouache	0.00633	0.223
	Gouache	(0.159)	(0.165)
	Ink	−0.00563	0.298
	Ink	(0.193)	(0.200)
	Mixed	0.309***	0.331***
	Mixed	(0.0249)	(0.0258)
	Oil	0.690***	0.819***
	Oil	(0.0205)	(0.0210)
	Other	0	0
	Other	(.)	(.)
	Pastel	0.408***	0.795***
	Pastel	(0.104)	(0.108)
	Pencil	1.299***	1.671***
	Pencil	(0.104)	(0.107)
	Tempera	0.203	0.589
	Tempera	(0.366)	(0.380)
	Watercolor	0.489***	0.585***
	Watercolor	(0.0555)	(0.0575)
	Work on paper	0.0463	0.153***
	Work on paper	(0.0289)	(0.0298)
Auction house (omitted variable: other houses) Topic (omitted variable: other styles)	Christie's	1.032***		1.202***
	Christie's	(0.0310)		(0.0322)
	Sotheby's	1.007***		1.193***
	Sotheby's	(0.0319)		(0.0330)
	Abstract	0.856***			1.042***
	Abstract	(0.0319)			(0.0328)
	Animal	0.117**			0.107**
	Animal	(0.0462)			(0.0483)
	Landscape	0.225***			0.241***
	Landscape	(0.0314)			(0.0328)
	Nude	0.186**			0.137**
	Nude	(0.0643)			(0.0673)
	Object	0.212***			0.315***
	Object	(0.0518)			(0.0542)
	People	0.401***			0.413***
	People	(0.0259)			(0.0271)
	Portrait	0.198***			0.251***
	Portrait	(0.0427)			(0.0447)
	Religion	0.438***			0.438***
	Religion	(0.0419)			(0.0438)
	Self-portrait	0.487***			0.489***
	Self-portrait	(0.0836)			(0.0875)
	Still life	0.211***			0.252***
	Still life	(0.0357)			(0.0372)
	Untitled	0.0417			−0.0396
	Untitled	(0.0294)			(0.0307)
	Urban	0.186***			0.260***
	Urban	(0.0368)			(0.0385)
Other characteristics	Signed	−0.249***	−0.277***	−0.254***	−0.201***
	Signed	(0.0208)	(0.0216)	(0.0216)	(0.0217)
	Dated	0.268***	0.274***	0.210***	0.245***
	Dated	(0.0154)	(0.0160)	(0.0160)	(0.0160)
	New York City	0.654***	1.475***	0.560***	1.575***
	New York City	(0.0294)	(0.0172)	(0.0305)	(0.0170)
	Alive	−0.424***	−0.455***	−0.482***	−0.503***
	Alive	(0.0174)	(0.0180)	(0.0181)	(0.0181)
	Women	0.524***	0.463***	0.407***	0.570***
	Women	(0.0375)	(0.0388)	(0.0390)	(0.0392)
	_cons	5.887***	6.109***	5.911***	5.599***
	_cons	(0.140)	(0.143)	(0.143)	(0.145)
	N
	r2_o	30,288	30,288	30,288	30,288
	r2_w	0.506	0.461	0.456	0.457
	r2_b	0.496	0.454	0.446	0.447
	r2_a	0.671	0.637	0.581	0.502
	Time fixed effects	0.495	0.453	0.445	0.446
	Style fixed effects	Yes	Yes	Yes	Yes
	Controls	All	Material	Auction House	Topic

		(1)	(2)	(3)	(4)
		Ln(Price)	Ln(Price)	Ln(Price)	Ln(Price)
Area	Ln(area)	0.441***	0.477***	0.520***	0.516***
Area	Ln(area)	(0.00703)	(0.00723)	(0.00687)	(0.00693)
Technique (omitted variable: acrylic)	Charcoal	0.696***	0.999***
	Charcoal	(0.151)	(0.157)
	Gouache	0.00633	0.223
	Gouache	(0.159)	(0.165)
	Ink	−0.00563	0.298
	Ink	(0.193)	(0.200)
	Mixed	0.309***	0.331***
	Mixed	(0.0249)	(0.0258)
	Oil	0.690***	0.819***
	Oil	(0.0205)	(0.0210)
	Other	0	0
	Other	(.)	(.)
	Pastel	0.408***	0.795***
	Pastel	(0.104)	(0.108)
	Pencil	1.299***	1.671***
	Pencil	(0.104)	(0.107)
	Tempera	0.203	0.589
	Tempera	(0.366)	(0.380)
	Watercolor	0.489***	0.585***
	Watercolor	(0.0555)	(0.0575)
	Work on paper	0.0463	0.153***
	Work on paper	(0.0289)	(0.0298)
Auction house (omitted variable: other houses)Topic (omitted variable: other styles)	Christie's	1.032***		1.202***
	Christie's	(0.0310)		(0.0322)
	Sotheby's	1.007***		1.193***
	Sotheby's	(0.0319)		(0.0330)
	Abstract	0.856***			1.042***
	Abstract	(0.0319)			(0.0328)
	Animal	0.117**			0.107**
	Animal	(0.0462)			(0.0483)
	Landscape	0.225***			0.241***
	Landscape	(0.0314)			(0.0328)
	Nude	0.186**			0.137**
	Nude	(0.0643)			(0.0673)
	Object	0.212***			0.315***
	Object	(0.0518)			(0.0542)
	People	0.401***			0.413***
	People	(0.0259)			(0.0271)
	Portrait	0.198***			0.251***
	Portrait	(0.0427)			(0.0447)
	Religion	0.438***			0.438***
	Religion	(0.0419)			(0.0438)
	Self-portrait	0.487***			0.489***
	Self-portrait	(0.0836)			(0.0875)
	Still life	0.211***			0.252***
	Still life	(0.0357)			(0.0372)
	Untitled	0.0417			−0.0396
	Untitled	(0.0294)			(0.0307)
	Urban	0.186***			0.260***
	Urban	(0.0368)			(0.0385)
Other characteristics	Signed	−0.249***	−0.277***	−0.254***	−0.201***
	Signed	(0.0208)	(0.0216)	(0.0216)	(0.0217)
	Dated	0.268***	0.274***	0.210***	0.245***
	Dated	(0.0154)	(0.0160)	(0.0160)	(0.0160)
	New York City	0.654***	1.475***	0.560***	1.575***
	New York City	(0.0294)	(0.0172)	(0.0305)	(0.0170)
	Alive	−0.424***	−0.455***	−0.482***	−0.503***
	Alive	(0.0174)	(0.0180)	(0.0181)	(0.0181)
	Women	0.524***	0.463***	0.407***	0.570***
	Women	(0.0375)	(0.0388)	(0.0390)	(0.0392)
	_cons	5.887***	6.109***	5.911***	5.599***
	_cons	(0.140)	(0.143)	(0.143)	(0.145)
	N
	r2_o	30,288	30,288	30,288	30,288
	r2_w	0.506	0.461	0.456	0.457
	r2_b	0.496	0.454	0.446	0.447
	r2_a	0.671	0.637	0.581	0.502
	Time fixed effects	0.495	0.453	0.445	0.446
	Style fixed effects	Yes	Yes	Yes	Yes
	Controls	All	Material	Auction House	Topic

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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