Details

Autor(en) / Beteiligte

• Goetzmann, William N
• Renneboog, Luc
• Spaenjers, Christophe

Titel

Art and Money

Ist Teil von

• NBER Working Paper Series, 2009-11, p.15502

Ort / Verlag

Cambridge: National Bureau of Economic Research, Inc

Erscheinungsjahr

2009

Quelle

NBER Working Papers

Beschreibungen/Notizen

• Working Paper No. 15502 This paper investigates the impact of equity markets and top incomes on art prices. Using a long-term art market index that incorporates information on repeated sales since the eighteenth century, we demonstrate that both same-year and lagged equity market returns have a significant impact on the price level in the art market. Over a shorter time frame, we also find empirical evidence that an increase in income inequality may lead to higher prices for art, in line with the results of a numerical simulation analysis. Finally, the results of Johansen cointegration tests strongly suggest the existence of a long-term relation between top incomes and art prices.