The Returns to Picasso's Prints and to Traditional Financial Assets, 1977 to 1996

James Pesando and Pauline M. Shum ()

Journal of Cultural Economics, 1999, vol. 23, issue 3, pages 181-190

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. Copyright Kluwer Academic Publishers 1999

Keywords: art market; asset pricing (search for similar items in EconPapers)
Date: 1999
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