Item

Art and Money

Goetzmann,W.
; 
Renneboog,L.D.R.
; 
Spaenjers,C.
Abstract
This paper investigates the impact of equity markets and top incomes on art prices. Using a newly constructed art market index, we demonstrate that equity market returns have had a significant impact on the price level in the art market over the last two centuries. We also find empirical evidence that an increase in income inequality may lead to higher prices for art, in line with the results of a numerical simulation analysis. Finally, the results of Johansen cointegration tests strongly suggest the existence of a long-run relation between top incomes and art prices.
Description
Pagination: 41
Date
2010
Journal Title
Journal ISSN
Volume Title
Publisher
TILEC
Collections
Tilburg University Research Output Collection
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Organizational Units
Journal Issue
Keywords
D31, D44, G1, Z11
Citation
Goetzmann, W, Renneboog, L D R & Spaenjers, C 2010 'Art and Money' TILEC Discussion Paper, vol. 2010-002, TILEC, Tilburg. < http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1538182 >
URI
https://hdl.handle.net/20.500.14602/28555
License
info:eu-repo/semantics/restrictedAccess
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