Art and money

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

doi:10.1257/aer.101.3.222

Art and money

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

Research output: Contribution to journal › Article › Scientific › peer-review

44 Citations (Scopus)

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 language	English
Pages (from-to)	222-226
Journal	American Economic Review
Volume	101
Issue number	3
DOIs	https://doi.org/10.1257/aer.101.3.222
Publication status	Published - 2011

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10.1257/aer.101.3.222

http://www.aeaweb.org/articles.php?doi=10.1257/aer.101.3.222

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Goetzmann, W., Renneboog, L. D. R., & Spaenjers, C. (2011). Art and money. American Economic Review, 101(3), 222-226. https://doi.org/10.1257/aer.101.3.222

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