The inflation hedging property of art: evidence from the US, UK and France
Zhiyuan Zhang,
Qinglin Sun and
Zichen Wang
Applied Economics, 2025, vol. 57, issue 16, 1909-1922
Abstract:
This study uses a nonlinear autoregressive distributed lag (NARDL) model to investigate the potential of art as a hedge against inflation. The analysis is based on quarterly data of art price index and consumer price index from 1998 to the second quarter of 2023 in the United States, the United Kingdom, and France. The NARDL model can estimate the short- and long-term impacts of positive and negative shocks on art prices by decomposing the change of the Consumer Price Index (CPI) into positive and negative components. The findings indicate clear asymmetry in the influence of inflation on art prices. Furthermore, in France, art is an excellent tool to hedge inflation in the long term, which may be attributed to the size of French art market, cultural traditions, and art market policies. However, in the United States and the United Kingdom, art does not provide a hedge against inflation, whether in the short or long term.
Date: 2025
References: Add references at CitEc
Citations:
Downloads: (external link)
http://hdl.handle.net/10.1080/00036846.2024.2317814 (text/html)
Access to full text is restricted to subscribers.
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:taf:applec:v:57:y:2025:i:16:p:1909-1922
Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RAEC20
DOI: 10.1080/00036846.2024.2317814
Access Statistics for this article
Applied Economics is currently edited by Anita Phillips
More articles in Applied Economics from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().