ISSN:
1573-6997
Keywords:
art market
;
price index
;
cointegration
;
causality
Source:
Springer Online Journal Archives 1860-2000
Topics:
Art History
,
Economics
Notes:
Abstract This paper proposes a price index for modern andcontemporary paintings based on estimates and auctionprices. We use this index for the evaluation of theItalian art market and for comparisons with returns onother assets. During the period 1983–1994 art pricesincreased in line with inflation but returns onpaintings were lower than returns on financial assets.In the long run art prices are unrelated to financialassets prices, but a positive correlation with realestate prices emerges.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1023/A:1007442014954