Title page
Contents
Abstract 2
1. Motivation 2
2. Related Literature 6
3. Data Collection 7
3.1. Exhibition data 7
3.2. Auction Data 9
4. Empirical Specification 11
4.1. Exhibitions 11
4.2. Auctions 14
4.3. Limitations 15
5. Results 16
5.1. Event Study: Short- and long-run Death Effects 16
5.2. Exogenous Discontinuity in Death Effects 17
5.3. Robustness 21
5.4. Age at Death 24
5.5. Reputation and Age at Death 26
5.6. Auction Results 28
6. Mechanism Discussion 33
7. Conclusion and future research 35
References 36
Table 1. Summary Statistics: Exhibitions 10
Table 2. Summary Statistics: Pre Post Mortem 11
Table 3. Top 20 Artists (N Exhibitions) 11
Table 4. Summary Statistics: Auctions 13
Table 5. Regression Discontinuity: Overall 19
Table 6. Age and Reputation at Death 28
Table 7. Auction Price 30
Table 8. Probability not sold 31
Table 9. Auction price and probability not sold: age and exhibition reputation at death 32
Figure 1. Exhibitions: distribution of death year and age at death 10
Figure 2. Auctions: Descriptives 12
Figure 3. Auctions and Exhibitions: Descriptives 12
Figure 4. Exhibitions: long-term event study exhibitions to-/ from death 17
Figure 5. Exhibitions: regression discontinuity design 20
Figure 6. Exhibitions: placebo timing and outcome 21
Figure 7. Exhibitions: robust pre-post balance 22
Figure 8. Exhibitions: pre-trend testing imputation approach and eventstudyinteract 24
Figure 9. Exhibitions: old and young at death effects 26
Figure 10. Exhibitions: postmortem effect marginal effects age at death 27
Figure 11. Auctions: Event study auction price years to-/ from Death 29
Figure 12. Auction price: marginal effects posthoumously across repuation and age at death 33