Date of Award

1-1981

Document Type

Thesis

Degree Name

Master of Arts

Department

Valuation Science

First Advisor

Richard Rickert

Second Advisor

Elizabeth M. Blagbrough

Abstract

This thesis explores the significant transformation in the market value and cultural appreciation of nineteenth century American paintings. Marguerite P. Walker investigates the historical, social, and economic factors that contributed to the evolving status of American art from a marginalized, undervalued genre to one recognized for its artistic and monetary worth. Initially viewed as crude and provincial in comparison to European works, American paintings from this period suffered from widespread prejudice. However, shifts in national identity, increased art education, and the rise of a domestic art market spurred interest in American subjects, particularly landscapes and genre scenes reflecting national pride and everyday life.

Walker highlights the role of auction houses, such as Sotheby Parke Bernet and Christie's, in showcasing and driving up prices for American artworks. Key figures in collecting, such as Luman Reed and corporate art programs, contributed to the legitimization of American painters like Frederic Edwin Church, Winslow Homer, and George Caleb Bingham. The study provides case examples of dramatic price increases for specific paintings over time, demonstrating art’s rising appeal as both cultural artifact and financial investment.

The author also examines the appeal of American themes—nostalgia, realism, the mythic West, and folk art—to modern collectors disillusioned with contemporary abstraction and seeking accessible, meaningful art. The resurgence of interest in underrecognized artists and the diminishing availability of top-tier works have created a robust market driven by scarcity and national sentiment. Ultimately, Walker argues that nineteenth century American painting resonates deeply with modern collectors, serving both as a historical touchstone and a testament to the enduring power of national artistic expression.

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