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Cultural economics: the case of Portuguese painters
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This paper utilizes a dataset of auction prices for artworks by Portuguese painters to
explore the key determinants of art prices. Our investigation focuses on the relationship
between artists' age and work performance of three painters: Vieira da Silva, Cargaleiro and
Resende, controlling for other factors, suh as the size, support, and media. We find that
creativity patterns varied significantly among these three authors, revealing early peaks for
Vieira Da Silva and Cargaleiro, while Resende peaked in later years. Comparing price index
for modern artists at the global level, we find that the Portuguese index was significantly
impacted by the sovereign debt crises and since then has failed to catch up with the global
fellow.
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Econometrics Economics Art Art market Creativity patterns Economic valuation of art