Revisiting Baumol's Art as floating crap game

Nathalie Buelens and Victor Ginsburgh

ULB Institutional Repository from ULB -- Universite Libre de Bruxelles

Abstract: We show that Baumol's conclusion that returns on bonds are higher than returns on paintings is too pessimistic. There are segments in the market for which returns are significantly higher than returns on bonds and stocks, during long periods of time (20 to 40 years); since tastes do change slowly (though not in a predictable way), this may imply that beating the market is not impossible. We also construct price indexes for paintings over the last 200 years.

Date: 1993
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Published in: European Economic Review (1993) v.37 n° 7,p.1351-1371

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Related works:
Journal Article: Revisiting Baumol's 'art as floating crap game' (1993)
Working Paper: Revisiting Baumol's `art as floating crap game' (1993)
Working Paper: Revisiting Baumol's "Art As Floating Crap Game" (1992)
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