Abstract
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 language | English |
|---|---|
| Place of Publication | New Haven |
| Publisher | Yale University |
| Number of pages | 41 |
| Publication status | Published - 2009 |
Publication series
| Name | Yale ICF Working Paper |
|---|---|
| No. | 09-26 |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 1 No Poverty -
SDG 10 Reduced Inequalities
Keywords
- Art investments
- Cointegration
- Comovement
- Equities
- Income inequality
- Long-term returns
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