Art and Money

William Goetzmann, Luc Renneboog and Christophe Spaenjers

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Abstract: This paper investigates the impact of equity markets and top incomes on art prices. Using a newly constructed art market index, we demonstrate that equity market returns have had a significant impact on the price level in the art market over the last two centuries. We also find evidence that an increase in income inequality may lead to higher prices for art. Finally, the results of Johansen's cointegration tests strongly suggest the existence of a long-run relation between top incomes and art prices.

Keywords: Art market; Equities; Income inequality; Cointegration; Comovement (search for similar items in EconPapers)
Date: 2011-05
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Citations: View citations in EconPapers (47)

Published in American Economic Review, 2011, 101 (3), pp.222-226. ⟨10.1257/aer.101.3.222⟩

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Related works:
Journal Article: Art and Money (2011)
Working Paper: Art and Money (2010)
Working Paper: Art and Money (2010)
Working Paper: Art and Money (2010)
Working Paper: Art and Money (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00623450

DOI: 10.1257/aer.101.3.222

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