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

53 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

Access to Document

10.1257/aer.101.3.222

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

Fingerprint Dive into the research topics of 'Art and money'. Together they form a unique fingerprint.

Cite this

@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",

}

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 -