Categorizing world regional art prices by artistic movement: an analysis of Latin American art
Purpose – The literature on the potential benefits of art investing has yet to consider the effects of categorizing world regional art markets (e.g. Latin American art) by artistic styles or movements (e.g. Latin American surrealism, Latin American conceptual art, etc.). We propose that such categor...
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Emerald Publishing
2025-05-01
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| Series: | Journal of Economics Finance and Administrative Science |
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| Online Access: | https://www.emerald.com/insight/content/doi/10.1108/JEFAS-02-2024-0065/full/pdf |
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| author | Urbi Garay Fredy Pulga |
| author_facet | Urbi Garay Fredy Pulga |
| author_sort | Urbi Garay |
| collection | DOAJ |
| description | Purpose – The literature on the potential benefits of art investing has yet to consider the effects of categorizing world regional art markets (e.g. Latin American art) by artistic styles or movements (e.g. Latin American surrealism, Latin American conceptual art, etc.). We propose that such categorization should be carried out and analyze the Latin American art market as an example. Design/methodology/approach – Eleven artistic style price indices within the Latin American art market (30,288 artworks created by 293 artists and sold at auction between 1970 and 2014) are estimated using hedonic regressions: Abstract-geometric, abstract-informal, conceptual, costumbrismo, cubism, figurative, muralism, landscape, surrealism, nineteenth century and avant-garde. We find that several variables that rely on the corresponding Latin American art movement index have a significant relationship with painting prices. Findings – There is significant variation in the financial performance of the various price indices for Latin American art styles: the conceptual (10.33% annual real return), abstract geometric (1.97%), cubism (0.97%) and costumbrismo (0.91%) movements overperformed a market that exhibited an aggregate negative cumulated real return of 0.9% during the sample period. The average correlation between each of the styles was only 0.12. The estimated price index for paintings sold at Christie's and Sotheby's clearly outperformed the index estimated for the other auction houses, and we also found that paintings created by Latin American women artists yielded higher returns. Practical implications – Our results have practical applications for investors, collectors, auction houses and policymakers. Originality/value – This is the first paper to highlight the need to decompose art price indices by artistic movements at the regional level. |
| format | Article |
| id | doaj-art-1e56fecc8e104c448c1f17342f54c184 |
| institution | OA Journals |
| issn | 2077-1886 2218-0648 |
| language | English |
| publishDate | 2025-05-01 |
| publisher | Emerald Publishing |
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| series | Journal of Economics Finance and Administrative Science |
| spelling | doaj-art-1e56fecc8e104c448c1f17342f54c1842025-08-20T02:20:19ZengEmerald PublishingJournal of Economics Finance and Administrative Science2077-18862218-06482025-05-01305911614910.1108/JEFAS-02-2024-0065Categorizing world regional art prices by artistic movement: an analysis of Latin American artUrbi Garay0Fredy Pulga1Department of Finance, IESA, Caracas, VenezuelaEICEA, Universidad de La Sabana Campus del Puente del Común, Chia, ColombiaPurpose – The literature on the potential benefits of art investing has yet to consider the effects of categorizing world regional art markets (e.g. Latin American art) by artistic styles or movements (e.g. Latin American surrealism, Latin American conceptual art, etc.). We propose that such categorization should be carried out and analyze the Latin American art market as an example. Design/methodology/approach – Eleven artistic style price indices within the Latin American art market (30,288 artworks created by 293 artists and sold at auction between 1970 and 2014) are estimated using hedonic regressions: Abstract-geometric, abstract-informal, conceptual, costumbrismo, cubism, figurative, muralism, landscape, surrealism, nineteenth century and avant-garde. We find that several variables that rely on the corresponding Latin American art movement index have a significant relationship with painting prices. Findings – There is significant variation in the financial performance of the various price indices for Latin American art styles: the conceptual (10.33% annual real return), abstract geometric (1.97%), cubism (0.97%) and costumbrismo (0.91%) movements overperformed a market that exhibited an aggregate negative cumulated real return of 0.9% during the sample period. The average correlation between each of the styles was only 0.12. The estimated price index for paintings sold at Christie's and Sotheby's clearly outperformed the index estimated for the other auction houses, and we also found that paintings created by Latin American women artists yielded higher returns. Practical implications – Our results have practical applications for investors, collectors, auction houses and policymakers. Originality/value – This is the first paper to highlight the need to decompose art price indices by artistic movements at the regional level.https://www.emerald.com/insight/content/doi/10.1108/JEFAS-02-2024-0065/full/pdfHedonic pricing modelLatin American artStyle effectsDiversificationArt price indicesWomen artists |
| spellingShingle | Urbi Garay Fredy Pulga Categorizing world regional art prices by artistic movement: an analysis of Latin American art Journal of Economics Finance and Administrative Science Hedonic pricing model Latin American art Style effects Diversification Art price indices Women artists |
| title | Categorizing world regional art prices by artistic movement: an analysis of Latin American art |
| title_full | Categorizing world regional art prices by artistic movement: an analysis of Latin American art |
| title_fullStr | Categorizing world regional art prices by artistic movement: an analysis of Latin American art |
| title_full_unstemmed | Categorizing world regional art prices by artistic movement: an analysis of Latin American art |
| title_short | Categorizing world regional art prices by artistic movement: an analysis of Latin American art |
| title_sort | categorizing world regional art prices by artistic movement an analysis of latin american art |
| topic | Hedonic pricing model Latin American art Style effects Diversification Art price indices Women artists |
| url | https://www.emerald.com/insight/content/doi/10.1108/JEFAS-02-2024-0065/full/pdf |
| work_keys_str_mv | AT urbigaray categorizingworldregionalartpricesbyartisticmovementananalysisoflatinamericanart AT fredypulga categorizingworldregionalartpricesbyartisticmovementananalysisoflatinamericanart |