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Gendered Prices

Published:2021-04-09 Issue:8 Volume:34 Page:3789-3839
ISSN:0893-9454
Container-title:The Review of Financial Studies
language:en
Short-container-title:

Author:

Adams Renée B¹,Kräussl Roman²,Navone Marco³,Verwijmeren Patrick⁴

Affiliation:

1. University of Oxford, ABFER, ECGI, FIRN

2. University of Luxembourg and Hoover Institution, Stanford University

3. University Technology Sydney, FIRN

4. Erasmus School of Economics and University of Melbourne

Abstract

Abstract We provide evidence that culture is a source of pricing bias. In a sample of 1.9 million auction transactions in 49 countries, paintings by female artists sell at an unconditional discount of 42.1%. The gender discount increases with measures of country-level gender inequality—even in artist fixed effects regressions. Our results are robust to accounting for potential gender differences in art characteristics and their liquidity. Evidence from two experiments supports the argument that women’s art may sell for less because it is made by women. However, the gender discount reduces over time as gender equality increases.

Publisher

Oxford University Press (OUP)

Subject

Economics and Econometrics,Finance,Accounting

Link

http://academic.oup.com/rfs/advance-article-pdf/doi/10.1093/rfs/hhab046/37902328/hhab046.pdf

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1. Climbing the ladder? The gender gap in art prices across artists’ cohorts in the Dutch art market;European Economic Review;2024-04

2. The liability of gender? Constraints and enablers of foreign market entry for female artists;Journal of International Business Studies;2024-01-31

3. The art of valuation: Using visual analysis to price classical paintings by Swedish Masters;PLOS ONE;2024-01-19

4. The Liability of Gender? Constraints and Enablers of Foreign Market Entry for Female Arists;SSRN Electronic Journal;2024

5. Gender Bias in Promotions: Evidence from Financial Institutions;The Review of Financial Studies;2023-10-12