Art and Money

William Goetzmann, Luc Renneboog and Christophe Spaenjers

No 15502, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper investigates the impact of equity markets and top incomes on art prices. Using a long-term art market index that incorporates information on repeated sales since the eighteenth century, we demonstrate that both same-year and lagged equity market returns have a significant impact on the price level in the art market. Over a shorter time frame, we also find empirical evidence that an increase in income inequality may lead to higher prices for art, in line with the results of a numerical simulation analysis. Finally, the results of Johansen cointegration tests strongly suggest the existence of a long-term relation between top incomes and art prices.

JEL-codes: D31 G1 Z11 (search for similar items in EconPapers)
Date: 2009-11
New Economics Papers: this item is included in nep-cul and nep-mic
Note: EFG
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Citations: View citations in EconPapers (1)

Published as William N. Goetzmann & Luc Renneboog & Christophe Spaenjers, 2011. "Art and Money," American Economic Review, American Economic Association, vol. 101(3), pages 222-26, May.

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Related works:
Journal Article: Art and Money (2011)
Working Paper: Art and Money (2011)
Working Paper: Art and Money (2010)
Working Paper: Art and Money (2010)
Working Paper: Art and Money (2010)
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