A Price Index for Art Market Auctions

被引：49
作者：
G. Candela
A. E. Scorcu
机构：
[1] University of Bologna,Department of Economics
来源：
Journal of Cultural Economics | 1997年 / 21卷 / 3期
关键词：
art market; price index; cointegration; causality;
D O I：
10.1023/A:1007442014954
中图分类号：
学科分类号：
摘要：
This paper proposes a price index for modern andcontemporary paintings based on estimates and auctionprices. We use this index for the evaluation of theItalian art market and for comparisons with returns onother assets. During the period 1983–1994 art pricesincreased in line with inflation but returns onpaintings were lower than returns on financial assets.In the long run art prices are unrelated to financialassets prices, but a positive correlation with realestate prices emerges.
引用
收藏
页码：175 / 196
页数：21
相关论文
共 45 条
[1]  
Anderson R.C.(1974)Paintings as an Investment Economic Inquiry 12 13-26
[2]  
Baumol W.J.(1986)Unnatural Value: Art as Investment as a Floating Crop Game American Economic Review 76 10-14
[3]  
Bayley M.(1963)A Regression Method for Real Estate Price Index Construction Journal of American Statistical Association 58 933-942
[4]  
Muth J.(1993)Revisiting Baumol’s Unnatural Value, or Art as a Floating Crap Game European Economic Review 37 1351-1371
[5]  
Nourse H.(1995)Stamps Returns and Economic Factors Southern Economic Journal 62 411-427
[6]  
Buelens N.(1989)The Efficiency of the Market for Single-Family Homes American Economic Review 79 125-137
[7]  
Ginsburgh V.(1995)Is the Art Market Behaviour Predictable? European Economic Review 39 519-527
[8]  
Cardell N.S.(1994)Prices and Returns on Paintings: An Exercise on How to Price the Priceless The Geneva Papers on Risk and Insurance Theory 19 7-21
[9]  
Kling J.L.(1994)Returns of Impressionist, Modern and Contemporary European Paintings, 1962–1991 Annales d’Economie et Statistique 35 143-181
[10]  
Petry G.(1995)On the Rate of Return in the Art Market: Survey and Evaluation European Economic Review 39 528-537
12345