Art and Money

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

Research output: Working paperDiscussion paperOther research output

58 Citations (Scopus)


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.
Original languageEnglish
Place of PublicationTilburg
Number of pages41
Publication statusPublished - 2010

Publication series

NameTILEC Discussion Paper


  • D31
  • D44
  • G1
  • Z11


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