On the uncertainty of art market returns
Ventura Charlin and
Finance Research Letters, 2017, vol. 21, issue C, 186-189
We examine the returns based on auction data for two individual artists and two groups of artists. We employ a Hedonic Pricing Model correcting for the log-transformation bias followed by a wild bootstrap method. This approach allows us to specify confidence intervals for the return estimates. We find that the resulting confidence intervals are wide; therefore, relying solely on point estimates of returns to derive conclusions can be misleading. This situation calls into question the validity of previous research and also shows that the very concept of return in the context of art markets is quite elusive.
Keywords: Art market returns; Hedonic models; Bootstrapping; Alternative investments (search for similar items in EconPapers)
JEL-codes: G11 Z11 Z10 C02 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:21:y:2017:i:c:p:186-189
Access Statistics for this article
Finance Research Letters is currently edited by R. GenÃ§ay
More articles in Finance Research Letters from Elsevier
Bibliographic data for series maintained by Dana Niculescu ().