Art and Money

W. Goetzmann, L.D.R. Renneboog, C. Spaenjers

Research output: Book/ReportReport


This paper investigates the impact of equity markets and top incomes on art prices. Using a long-term art market index that incorporates information on repeated sales since the eighteenth century, we demonstrate that both same-year and lagged equity market returns have a significant impact on the price level in the art market. Over a shorter time frame, 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-term relation between top incomes and art prices.
Original languageEnglish
Place of PublicationNew Haven
PublisherYale University
Number of pages41
Publication statusPublished - 2009

Publication series

NameYale ICF Working Paper


  • Art investments
  • Cointegration
  • Comovement
  • Equities
  • Income inequality
  • Long-term returns


Dive into the research topics of 'Art and Money'. Together they form a unique fingerprint.

Cite this