Seasonal affective disorder and seasoned art auction prices: New evidence from old masters

Doron Kliger, Yaron Raviv (), Joshua Rosett, Thomas Bayer and John Page

Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), 2015, vol. 59, issue C, 74-84

Abstract: Psychological evidence predicts that environmental conditions such as seasons and weather are associated with mood and the finance literature has documented links between them and daily stock market returns. In this paper we examine how these conditions affect art auction prices in England during 1756–1909. We find that the amount of daylight on the auction day has a significant positive effect on selling prices in all our model specifications. In addition, we find in some specifications direct positive effects stemming from the hours of sunshine during the day, precipitation, temperatures, and whether daylight hours are getting longer or shorter.

Keywords: Auctions; Weather; Mood; Behavioral economics; Seasonal affective disorder (SAD) (search for similar items in EconPapers)
JEL-codes: D03 D44 (search for similar items in EconPapers)
Date: 2015
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (7)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:soceco:v:59:y:2015:i:c:p:74-84

DOI: 10.1016/j.socec.2015.10.003

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