Art and money

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

Research output: Contribution to journalArticleScientificpeer-review

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 evidence that an increase in income inequality may lead to higher prices for art. Finally, the results of Johansen's cointegration tests strongly suggest the existence of a long-run relation between top incomes and art prices.
Original languageEnglish
Pages (from-to)222-226
JournalAmerican Economic Review
Volume101
Issue number3
DOIs
Publication statusPublished - 2011

Fingerprint

Top incomes
Art market
Art
Equity markets
Price level
Market returns
Cointegration test
Market index
Income inequality

Cite this

Goetzmann, W. ; Renneboog, L.D.R. ; Spaenjers, C. / Art and money. In: American Economic Review. 2011 ; Vol. 101, No. 3. pp. 222-226.
@article{4b8b2f21a9a64371baf9ed3563a6fdf0,
title = "Art and money",
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 evidence that an increase in income inequality may lead to higher prices for art. Finally, the results of Johansen's cointegration tests strongly suggest the existence of a long-run relation between top incomes and art prices.",
author = "W. Goetzmann and L.D.R. Renneboog and C. Spaenjers",
note = "Appeared earlier as DP 2010-08",
year = "2011",
doi = "10.1257/aer.101.3.222",
language = "English",
volume = "101",
pages = "222--226",
journal = "The American Economic Review",
issn = "0002-8282",
publisher = "American Economic Association",
number = "3",

}

Goetzmann, W, Renneboog, LDR & Spaenjers, C 2011, 'Art and money', American Economic Review, vol. 101, no. 3, pp. 222-226. https://doi.org/10.1257/aer.101.3.222

Art and money. / Goetzmann, W.; Renneboog, L.D.R.; Spaenjers, C.

In: American Economic Review, Vol. 101, No. 3, 2011, p. 222-226.

Research output: Contribution to journalArticleScientificpeer-review

TY - JOUR

T1 - Art and money

AU - Goetzmann, W.

AU - Renneboog, L.D.R.

AU - Spaenjers, C.

N1 - Appeared earlier as DP 2010-08

PY - 2011

Y1 - 2011

N2 - 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 evidence that an increase in income inequality may lead to higher prices for art. Finally, the results of Johansen's cointegration tests strongly suggest the existence of a long-run relation between top incomes and art prices.

AB - 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 evidence that an increase in income inequality may lead to higher prices for art. Finally, the results of Johansen's cointegration tests strongly suggest the existence of a long-run relation between top incomes and art prices.

U2 - 10.1257/aer.101.3.222

DO - 10.1257/aer.101.3.222

M3 - Article

VL - 101

SP - 222

EP - 226

JO - The American Economic Review

JF - The American Economic Review

SN - 0002-8282

IS - 3

ER -