Many studies have been conducted investigating the influences of art auction prices. These studies offer attributes such as size, medium and sale date, but they often overlook the subject matter and content of paintings. There is little evidence available of what effect the presence of nature in art has on the auction price. This paper performs a hedonic analysis on a series of early twentieth century paintings to explore how auction prices change when trees, the ocean, and mountain landscapes are depicted. “The Ashcan School” of painters provide the set of works and were selected due to their similarities as artists. The model used in this paper includes variables such as size of canvas, year painted, and medium to control for variations that may be caused by these variables.

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