Abstract
| Original language | English |
|---|---|
| Pages (from-to) | 222-226 |
| Journal | American Economic Review |
| Volume | 101 |
| Issue number | 3 |
| DOIs | |
| Publication status | Published - 2011 |
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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 journal › Article › Scientific › peer-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 -