Cultural and Economic Valuation of Paintings

1
Cultural and Economic Valuation of Paintings

• Preliminary results
• July 2009

2
Survey Background

• Survey was conducted at the Art Gallery of NSW in
  Sydney in October 2006
• Six paintings, differing in characteristics
• figurative / non-figurative,
• Australian / non-Australian,
• contemporary / traditional,
• Aboriginal / non-Aboriginal,
• well-known artist / not well-known artist
• 480 participants over three days
• the same 15 questions for each painting, in
  relation to cultural and economic value

3
The Camp, Sidney Nolan (1946)
Source http//www.flickr.com/photos/25278036_at_N07/
2409270525
4
Triple Portrait, Ian Fairweather (circa
1970-1971)
Source http//collection.artgallery.nsw.gov.au/co
llection
5
Natural Ochres on Canvas, Freda Warlapinni (2001)
Note this is not the original painting used in
the survey, it is a painting by the same artist
that is available in the public domain.
http//www.redbackart.com.au/indipaint.htm
6
Djan'kawu creation story 2, Mawalan Marika
(1959)
Source http//collection.artgallery.nsw.gov.au/co
llection
7
Pompeian bath, Niccolo Cecconi (1835)
http//www.1st-art-gallery.com/Niccolo-Cecconi/Nic
colo-Cecconi-oil-paintings.html
8
The Railway Station, Redfern, Arthur Streeton
(1893)
Source http//www.ngv.vic.gov.au/australianimpres
sionism/education/images/historic/EXHI003308P_600.
jpg
9
Statements addressing elements of Cultural Value

• Aesthetic value
• Social value for the individual
• Social value for Australians
• Symbolic value for the individual
• Symbolic value for others
• Spiritual value for the individual
• Spiritual value for others
• Educational value

10
Questions assessing Economic Value

• For the individual (rental value)
• For society (market value)

11
First analysis of the data set

• Descriptive statistics
• Multivariate linear regressions (using Whites
  HCSE)
• for varying subsamples
• for varying dependent variables

for all paintings combined
for each of the six paintings individually
individual economic value (rental value)
economic value for society (market value)
12
Descriptive statistics mean values for elements
of Cultural Value
(a) Agreement to statement measured on a scale
ranging from -4.5 (strongly disagree) to 4.5
(strongly agree). This table only shows mean
values below -1 and above 1.
13
Descriptive statistics mean values for measures
of Economic Value
(a) The market value for each painting was
provided in the questionnaire.
14
What influences economic valuation of paintings?
for individual economic value (rental value)

• multivariate linear regression (Whites HCSE)
  for all paintings combined

for economic value for society (market value)
15
What influences economic valuation of paintings?
1704 0.3331 45.775
1496 0.6565 151.392
n R2 adj. F
(a) Coefficients in bold are significant at p lt
0.1.
16
Does the importance of elements of Cultural Value
differ between the paintings?
For individual economic value (rental value)

• Ranking of elements of Cultural Value in terms
  of the size of the significant OLS regression
  coefficients (Whites HCSE)

For economic value for society (market value)
17
Importance of elements of Cultural Value for
individual economic valuation (rental value)
(a) This table only shows explanatory variables
that were significant at p lt 0.1. In brackets the
sign of the coefficient.
18
Importance of elements of Cultural Value for
economic valuation for society (market value)
(a) This table only shows explanatory variables
that were significant at p lt 0.1. In brackets the
sign of the coefficient. (b) Significant
explanatory variables in regard to the painting
(size, age, reputation, non-figurative) are not
displayed.
19
Does the importance of elements of Cultural Value
differ between individual economic valuation
(rental value) and economic valuation for society
(market value)?
Comparison of the rank of each element of
Cultural Value between the two measures of
economic value
20
Does the importance of each element of Cultural
Value differ between individual economic
valuation and economic valuation for society?
(a) This table only shows elements of Cultural
Value that were significant as explanatory
variables at p lt 0.1. In brackets the sign of the
coefficient.
21
Next step Estimation of structural model
Aesthetic v.
Individual economic valuation
Symbolic v. for individual
Overall Cultural Value
Symbolic v. for others
Economic valuation for society