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A Price Index for Art Market Auctions

G. Candela and Antonello Scorcu ()

Journal of Cultural Economics, 1997, vol. 21, issue 3, 175-196

Abstract: This paper proposes a price index for modern andcontemporary paintings based on estimates and auctionprices. We use this index for the evaluation of theItalian art market and for comparisons with returns onother assets. During the period 1983–1994 art pricesincreased in line with inflation but returns onpaintings were lower than returns on financial assets.In the long run art prices are unrelated to financialassets prices, but a positive correlation with realestate prices emerges. Copyright Kluwer Academic Publishers 1997

Keywords: art market; price index; cointegration; causality (search for similar items in EconPapers)
Date: 1997
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