Table 4 Open in new tab Network at death...

Variables of interest	Quantiles (τ)
Panel A: <2 years after death
Artist: log eigenvector centrality at death	0.060^*	0.041	0.053^*	0.091^**	0.119^***
(0.033)	(0.029)	(0.028)	(0.036)	(0.030)
Artist: log number of art sold	0.060	0.095	0.047	−0.036	0.000
(0.067)	(0.074)	(0.063)	(0.076)	(0.063)
Seller: family	−0.543^***	−0.269^*	−0.481^***	−0.529^***	−0.755^***
(0.154)	(0.145)	(0.123)	(0.154)	(0.130)
Seller: log past volume	−0.063	−0.025	−0.010	0.011	−0.075
(0.077)	(0.084)	(0.057)	(0.080)	(0.071)
R²	0.311	0.278	0.290	0.262	0.168
Panel B: between 2 and 10 years after death
Artist: log eigenvector centrality at death	0.022	0.006	0.015	0.047^*	0.068^**
(0.022)	(0.015)	(0.017)	(0.028)	(0.028)
Artist: log number of art sold	−0.119	−0.112	−0.026	0.049	0.128^**
(0.115)	(0.121)	(0.117)	(0.108)	(0.052)
Seller: family	−0.813^*	−1.137^***	−0.555	−0.492	0.034
(0.465)	(0.415)	(0.575)	(0.330)	(0.317)
Seller: log past volume	−0.056	−0.044	−0.062^***	−0.095^**	−0.149^***
(0.039)	(0.035)	(0.040)	(0.042)	(0.055)
R²	0.246	0.232	0.227	0.173	0.117
Panel C: Between 10 and 20 years after death
Artist: log eigenvector centrality at death	−0.021	−0.031	−0.013	0.046^*	0.094^***
(0.028)	(0.029)	(0.022)	(0.027)	(0.034)
Artist: log number of art sold	0.042	0.044	0.079	0.115^*	0.141^**
(0.081)	(0.065)	(0.063)	(0.068)	(0.070)
Seller: family	0.226	0.060	0.769^*	0.723^***	0.240
(0.697)	(1.179)	(0.436)	(0.258)	(0.195)
Seller: log past volume	−0.040	−0.040	−0.020	−0.034	−0.037
(0.035)	(0.028)	(0.060)	(0.056)	(0.066)
R²	0.379	0.362	0.367	0.325	0.266

Variables of interest

Quantiles (τ)

Mean

0.25

0.50

0.75

0.90

Panel A: <2 years after death

Artist: log eigenvector centrality at death

0.060^*

0.041

0.053^*

0.091^**

0.119^***

(0.033)

(0.029)

(0.028)

(0.036)

(0.030)

Artist: log number of art sold

0.060

0.095

0.047

−0.036

0.000

(0.067)

(0.074)

(0.063)

(0.076)

(0.063)

Seller: family

−0.543^***

−0.269^*

−0.481^***

−0.529^***

−0.755^***

(0.154)

(0.145)

(0.123)

(0.154)

(0.130)

Seller: log past volume

−0.063

−0.025

−0.010

0.011

−0.075

(0.077)

(0.084)

(0.057)

(0.080)

(0.071)

R²

0.311

0.278

0.290

0.262

0.168

Panel B: between 2 and 10 years after death

Artist: log eigenvector centrality at death

0.022

0.006

0.015

0.047^*

0.068^**

(0.022)

(0.015)

(0.017)

(0.028)

Artist: log number of art sold

−0.119

−0.112

−0.026

0.049

0.128^**

(0.115)

(0.121)

(0.117)

(0.108)

(0.052)

Seller: family

−0.813^*

−1.137^***

−0.555

−0.492

0.034

(0.465)

(0.415)

(0.575)

(0.330)

(0.317)

Seller: log past volume

−0.056

−0.044

−0.062^***

−0.095^**

−0.149^***

(0.039)

(0.035)

(0.040)

(0.042)

(0.055)

R²

0.246

0.232

0.227

0.173

0.117

Panel C: Between 10 and 20 years after death

Artist: log eigenvector centrality at death

−0.021

−0.031

−0.013

0.046^*

0.094^***

(0.028)

(0.029)

(0.022)

(0.027)

(0.034)

Artist: log number of art sold

0.042

0.044

0.079

0.115^*

0.141^**

(0.081)

(0.065)

(0.063)

(0.068)

(0.070)

Seller: family

0.226

0.060

0.769^*

0.723^***

0.240

(0.697)

(1.179)

(0.436)

(0.258)

(0.195)

Seller: log past volume

−0.040

−0.020

−0.034

−0.037

(0.035)

(0.028)

(0.060)

(0.056)

(0.066)

R²

0.379

0.362

0.367

0.325

0.266

Variables of interest	Quantiles (τ)
Panel A: <2 years after death
Artist: log eigenvector centrality at death	0.060^*	0.041	0.053^*	0.091^**	0.119^***
(0.033)	(0.029)	(0.028)	(0.036)	(0.030)
Artist: log number of art sold	0.060	0.095	0.047	−0.036	0.000
(0.067)	(0.074)	(0.063)	(0.076)	(0.063)
Seller: family	−0.543^***	−0.269^*	−0.481^***	−0.529^***	−0.755^***
(0.154)	(0.145)	(0.123)	(0.154)	(0.130)
Seller: log past volume	−0.063	−0.025	−0.010	0.011	−0.075
(0.077)	(0.084)	(0.057)	(0.080)	(0.071)
R²	0.311	0.278	0.290	0.262	0.168
Panel B: between 2 and 10 years after death
Artist: log eigenvector centrality at death	0.022	0.006	0.015	0.047^*	0.068^**
(0.022)	(0.015)	(0.017)	(0.028)	(0.028)
Artist: log number of art sold	−0.119	−0.112	−0.026	0.049	0.128^**
(0.115)	(0.121)	(0.117)	(0.108)	(0.052)
Seller: family	−0.813^*	−1.137^***	−0.555	−0.492	0.034
(0.465)	(0.415)	(0.575)	(0.330)	(0.317)
Seller: log past volume	−0.056	−0.044	−0.062^***	−0.095^**	−0.149^***
(0.039)	(0.035)	(0.040)	(0.042)	(0.055)
R²	0.246	0.232	0.227	0.173	0.117
Panel C: Between 10 and 20 years after death
Artist: log eigenvector centrality at death	−0.021	−0.031	−0.013	0.046^*	0.094^***
(0.028)	(0.029)	(0.022)	(0.027)	(0.034)
Artist: log number of art sold	0.042	0.044	0.079	0.115^*	0.141^**
(0.081)	(0.065)	(0.063)	(0.068)	(0.070)
Seller: family	0.226	0.060	0.769^*	0.723^***	0.240
(0.697)	(1.179)	(0.436)	(0.258)	(0.195)
Seller: log past volume	−0.040	−0.040	−0.020	−0.034	−0.037
(0.035)	(0.028)	(0.060)	(0.056)	(0.066)
R²	0.379	0.362	0.367	0.325	0.266

Table 4

Open in new tab

Network at death on prices distribution

Variables of interest	Quantiles (τ)
	Mean	0.25	0.50	0.75	0.90
Panel A: <2 years after death
Artist: log eigenvector centrality at death	0.060^*	0.041	0.053^*	0.091^**	0.119^***
Artist: log eigenvector centrality at death	(0.033)	(0.029)	(0.028)	(0.036)	(0.030)
Artist: log number of art sold	0.060	0.095	0.047	−0.036	0.000
Artist: log number of art sold	(0.067)	(0.074)	(0.063)	(0.076)	(0.063)
Seller: family	−0.543^***	−0.269^*	−0.481^***	−0.529^***	−0.755^***
Seller: family	(0.154)	(0.145)	(0.123)	(0.154)	(0.130)
Seller: log past volume	−0.063	−0.025	−0.010	0.011	−0.075
Seller: log past volume	(0.077)	(0.084)	(0.057)	(0.080)	(0.071)
R²	0.311	0.278	0.290	0.262	0.168
Panel B: between 2 and 10 years after death
Artist: log eigenvector centrality at death	0.022	0.006	0.015	0.047^*	0.068^**
Artist: log eigenvector centrality at death	(0.022)	(0.015)	(0.017)	(0.028)	(0.028)
Artist: log number of art sold	−0.119	−0.112	−0.026	0.049	0.128^**
Artist: log number of art sold	(0.115)	(0.121)	(0.117)	(0.108)	(0.052)
Seller: family	−0.813^*	−1.137^***	−0.555	−0.492	0.034
Seller: family	(0.465)	(0.415)	(0.575)	(0.330)	(0.317)
Seller: log past volume	−0.056	−0.044	−0.062^***	−0.095^**	−0.149^***
Seller: log past volume	(0.039)	(0.035)	(0.040)	(0.042)	(0.055)
R²	0.246	0.232	0.227	0.173	0.117
Panel C: Between 10 and 20 years after death
Artist: log eigenvector centrality at death	−0.021	−0.031	−0.013	0.046^*	0.094^***
Artist: log eigenvector centrality at death	(0.028)	(0.029)	(0.022)	(0.027)	(0.034)
Artist: log number of art sold	0.042	0.044	0.079	0.115^*	0.141^**
Artist: log number of art sold	(0.081)	(0.065)	(0.063)	(0.068)	(0.070)
Seller: family	0.226	0.060	0.769^*	0.723^***	0.240
Seller: family	(0.697)	(1.179)	(0.436)	(0.258)	(0.195)
Seller: log past volume	−0.040	−0.040	−0.020	−0.034	−0.037
Seller: log past volume	(0.035)	(0.028)	(0.060)	(0.056)	(0.066)
R²	0.379	0.362	0.367	0.325	0.266

Variables of interest	Quantiles (τ)
	Mean	0.25	0.50	0.75	0.90
Panel A: <2 years after death
Artist: log eigenvector centrality at death	0.060^*	0.041	0.053^*	0.091^**	0.119^***
Artist: log eigenvector centrality at death	(0.033)	(0.029)	(0.028)	(0.036)	(0.030)
Artist: log number of art sold	0.060	0.095	0.047	−0.036	0.000
Artist: log number of art sold	(0.067)	(0.074)	(0.063)	(0.076)	(0.063)
Seller: family	−0.543^***	−0.269^*	−0.481^***	−0.529^***	−0.755^***
Seller: family	(0.154)	(0.145)	(0.123)	(0.154)	(0.130)
Seller: log past volume	−0.063	−0.025	−0.010	0.011	−0.075
Seller: log past volume	(0.077)	(0.084)	(0.057)	(0.080)	(0.071)
R²	0.311	0.278	0.290	0.262	0.168
Panel B: between 2 and 10 years after death
Artist: log eigenvector centrality at death	0.022	0.006	0.015	0.047^*	0.068^**
Artist: log eigenvector centrality at death	(0.022)	(0.015)	(0.017)	(0.028)	(0.028)
Artist: log number of art sold	−0.119	−0.112	−0.026	0.049	0.128^**
Artist: log number of art sold	(0.115)	(0.121)	(0.117)	(0.108)	(0.052)
Seller: family	−0.813^*	−1.137^***	−0.555	−0.492	0.034
Seller: family	(0.465)	(0.415)	(0.575)	(0.330)	(0.317)
Seller: log past volume	−0.056	−0.044	−0.062^***	−0.095^**	−0.149^***
Seller: log past volume	(0.039)	(0.035)	(0.040)	(0.042)	(0.055)
R²	0.246	0.232	0.227	0.173	0.117
Panel C: Between 10 and 20 years after death
Artist: log eigenvector centrality at death	−0.021	−0.031	−0.013	0.046^*	0.094^***
Artist: log eigenvector centrality at death	(0.028)	(0.029)	(0.022)	(0.027)	(0.034)
Artist: log number of art sold	0.042	0.044	0.079	0.115^*	0.141^**
Artist: log number of art sold	(0.081)	(0.065)	(0.063)	(0.068)	(0.070)
Seller: family	0.226	0.060	0.769^*	0.723^***	0.240
Seller: family	(0.697)	(1.179)	(0.436)	(0.258)	(0.195)
Seller: log past volume	−0.040	−0.040	−0.020	−0.034	−0.037
Seller: log past volume	(0.035)	(0.028)	(0.060)	(0.056)	(0.066)
R²	0.379	0.362	0.367	0.325	0.266

Total number of observations is 902 in panel A, 1,876 in panel B, and 1,855 in panel C. R² for quantile regressions is actually pseudo R². Other control variables include a cubic time trend, log number of buyers, a quadratic in the age of the artist, A dummy if sold at Christie’s, a dummy for if the art was part of a collection, as well as seller type dummies, medium dummies, and genre dummies. Robust standard errors are shown in parenthesis.

Significance at the 10% level.

Significance at the 5% level.

***

Significance at the 1% level. Source: Authors’ calculation.

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