ISSN:
1573-6997
Keywords:
art market
;
asset pricing
Source:
Springer Online Journal Archives 1860-2000
Topics:
Art History
,
Economics
Notes:
Abstract This paper updates prior work by Pesando (1993) regarding art as an investment. Using world-wide auction prices for Picasso prints for the period 1977 to 1996, this paper establishes that (1) a recovery in the art market did occur in the mid-1990s, but (2) the real rate of return on this segment of the art market remains low relative to its risk. Indeed, the real rate of return is beneath that provided by U.S. Treasury Bills.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1023/A:1007595305661
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