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Art and Money / William N. Goetzmann, Luc Renneboog, Christophe Spaenjers.
- Format:
- Book
- Author/Creator:
- Goetzmann, William N.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w15502.
- NBER working paper series no. w15502
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2009.
- Summary:
- 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.
- Notes:
- Print version record
- November 2009.
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