Daughters of Artemisia: A Difference-in-Difference Analysis on Hammer Prices for Women Artists in the Aftermath of the #MeToo Movement

In the context of art markets, empirical evidence suggests underrepresentation of women artists and less recognition of their work. This systematic issue ultimately translates into lower prices for their artworks. Global mediatic movements as #MeToo try to tackle these injustices by raising awareness with the goal of shifting public perceptions. This study thus aims to explore the impact of the #MeToo Movement on market valuations of artworks created by women artists in the secondary art market. In doing so, it tries to answer the question: To what extent did the #MeToo Movement impact the prices of artworks created by women artists in the secondary art market? For this purpose, an analysis was executed by conducting a Difference-in-Difference analysis and using 2017 as the treatment year, following various findings on the mediatic spread of the Movement online and offline. A sample collected through ArtPrice, with years of sale ranging from 1984 to 2025, was used, while utilising artworks created by female artists as the treatment group and the ones created by male artist as the control group. While the analysis on the full sample reflected a positive change of prices for female artists in the aftermath of the Movement, it did not prove statistically significant. Therefore, the analysis was conducted on a subsample by keeping artworks sold between 2013 and 2024 and revealing statistically significant results for the effect of the Movement on hammer prices. Taking solely results from the subsample analysis into account, three robustness checks were conducted to back the validity of the findings. First, a placebo test was conducted by using artworks created by male artists as a treatment group. Second, a test was conducted on the top-quartile subsample, following literature on the glass-ceiling for women artists in the secondary art market. The third test aimed at assessing the immediate results of the Movement, while also excluding COVID years from the analysis. The purpose of this research is to assess whether the art market is keeping up with what happens in the external world, and thus, whether social movements can influence the art market by trickling down into secondary market outcomes. It is then argued that social movements may hold this influence due to their potential to shift narratives and influence collectors' choices. The results of this research might prove useful for conducting similar studies on other discriminated identities, while bringing additional value to the extensive theoretical and empirical research on the discrimination on women artists in the art world.