Prices and Returns on Paintings: An Exercise on How to Price the Priceless

Olivier Chanel, Louis-André Gérard-Varet and Victor Ginsburgh

The Geneva Risk and Insurance Review, 1994, vol. 19, issue 1, 7-21

Abstract: Art is priceless, but paintings, and other objects, have been sold on markets since the time of the Roman Empire. In this paper, we describe a method for constructing a price index for paintings and compare this index to the indices of various financial markets. In particular, we discuss whether the price of art is related to financial markets, whether the art market is weakly efficient, and whether it is more or less risky than financial markets. The Geneva Papers on Risk and Insurance Theory (1994) 19, 7–21. doi:10.1007/BF01112011

Date: 1994
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Related works:
Working Paper: Prices and returns on paintings: an exercice on how to price the priceless (1994)
Working Paper: Prices and Returns on Paintings and Exercise on How to Price the Priceless (1993)
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