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Measuring Returns on Investments in Collectibles

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  • Benjamin J. Burton
  • Joyce P. Jacobsen

Abstract

This paper considers the question of how to measure and interpret the financial return to investing in collectibles. We review various methodologies for creating priced indexes and then discuss studies that explicitly calculate a rate of return to some set of collectibles. While most collectibles appear to yield positive real returns, the majority embody more risk and yield lower financial returns than stocks. Other characteristics of collectibles prices, such as covariance with other asset prices, are also examined.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.13.4.193
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Bibliographic Info

Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 13 (1999)
Issue (Month): 4 (Fall)
Pages: 193-212

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Handle: RePEc:aea:jecper:v:13:y:1999:i:4:p:193-212

Note: DOI: 10.1257/jep.13.4.193
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  1. Baumol, William J, 1986. "Unnatural Value: Or Art Investment as Floating Crap Game," American Economic Review, American Economic Association, American Economic Association, vol. 76(2), pages 10-14, May.
  2. Nathalie Buelens & Victor Ginsburgh, 1993. "Revisiting Baumol's Art as floating crap game," ULB Institutional Repository 2013/1727, ULB -- Universite Libre de Bruxelles.
  3. Beggs, A. & Graddy, K., 1996. "Declining Values and the Afternoon Effect: Evidence from Art Auctions," Economics Series Working Papers 99184, University of Oxford, Department of Economics.
  4. Belk, Russell W., 1995. "Collecting as luxury consumption: Effects on individuals and households," Journal of Economic Psychology, Elsevier, Elsevier, vol. 16(3), pages 477-490, September.
  5. Anderson, Robert C, 1974. "Paintings as an Investment," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 12(1), pages 13-26, March.
  6. Byron, R P & Ashenfelter, Orley, 1995. "Predicting the Quality of an Unborn Grange," The Economic Record, The Economic Society of Australia, The Economic Society of Australia, vol. 71(212), pages 40-53, March.
  7. Ashenfelter, Orley, 1989. "How Auctions Work for Wine and Art," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 3(3), pages 23-36, Summer.
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