Gendered Prices

Renée B. Adams*, Roman Kräussl, Marco Navone, Patrick Verwijmeren

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

4 Citations (Scopus)


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.

Original languageEnglish
Pages (from-to)3789-3839
Number of pages51
JournalThe Review of Financial Studies
Issue number8
Publication statusPublished - 1 Aug 2021


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