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Unnatural Value: Or Art Investment as Floating Crap Game

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Author Info
Baumol, William J

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Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 76 (1986)
Issue (Month): 2 (May)
Pages: 10-14
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Handle: RePEc:aea:aecrev:v:76:y:1986:i:2:p:10-14

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  1. Locatelli-Biey, Marilena & Zanola, Roberto, 2000. "The Market for Sculptures: an Adjacent Year Regression Index," P.O.L.I.S. department's Working Papers 14, Department of Public Policy and Public Choice - POLIS. [Downloadable!]
  2. Solow, J., 1991. "An Economic Analysis of the Droit de Suite," Working Papers 91-14, University of Iowa, Department of Economics. [Downloadable!]
  3. Benjamin J. Burton & Joyce P. Jacobsen, 1999. "Measuring Returns on Investments in Collectibles," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 193-212, Fall. [Downloadable!] (restricted)
  4. Jianping Mei & Michael Moses, 2002. "Art as an Investment and the Underperformance of Masterpieces," American Economic Review, American Economic Association, vol. 92(5), pages 1656-1668, December. [Downloadable!] (restricted)
  5. Campos, Nauro F. & Leite Barbosa, Renata, 2008. "Paintings and Numbers: An Econometric Investigation of Sales Rates, Prices and Returns in Latin American Art Auctions," IZA Discussion Papers 3445, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  6. Orley Ashenfelter & Kathryn Graddy, 2002. "Art Auctions: A Survey of Empirical Studies," NBER Working Papers 8997, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  7. Andrew C. Worthington & Helen Higgs, 2003. "Risk, return and portfolio diversification in major painting markets: The application of conventional financial analysis to unconventional investments," School of Economics and Finance Discussion Papers and Working Papers Series 148, School of Economics and Finance, Queensland University of Technology. [Downloadable!]
  8. Helen Higgs & Andrew C Worthington, 2004. "Financial returns and price determinants in the Australian art market, 1973-2003," School of Economics and Finance Discussion Papers and Working Papers Series 184, School of Economics and Finance, Queensland University of Technology. [Downloadable!]
  9. Erdal Atukeren & Aylin Seçkin, 2007. "On the valuation of psychic returns to art market investments," Economics Bulletin, Economics Bulletin, vol. 26(5), pages 1-12. [Downloadable!]
  10. William J. Baumol, 2007. "Returns in Cost Diseased Markets with Psychic Benefits: Two Apparently Conflicting Models of Equilibrium," Working Papers 07-16, Utrecht School of Economics. [Downloadable!]
  11. Michele Piccione & Ariel Rubinstein, 2006. "Luxury Prices: An Expository Note," Levine's Bibliography 122247000000001252, UCLA Department of Economics. [Downloadable!]
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  12. Kathryn Graddy & Orley Ashenfelter, 2002. "Auctions and the Price of Art," Economics Series Working Papers 131, University of Oxford, Department of Economics. [Downloadable!]
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