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The Auction Market For Modern Prints: Confirmations, Contradictions, And New Puzzles

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  • JAMES E. PESANDO
  • PAULINE M. SHUM

Abstract

"Using a large data set with 80,214 repeat sales, we find that the real return on a diversified portfolio of modern prints sold at auctions worldwide averaged a modest 1.51% during the period 1977-2004. We address several issues regarding the performance of modern prints as investments: the selection bias arising from the self-interest of auction houses; the impact of an ever-expanding universe of auction houses on investment returns; the "masterpiece" effect, or whether more expensive works of art outperform the market as a whole; and the differences in returns that arise due to random fluctuations in collector tastes." ("JEL" Z11, G11, G14) Copyright (c) 2007 Western Economic Association International.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Economic Inquiry.

Volume (Year): 46 (2008)
Issue (Month): 2 (04)
Pages: 149-159

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Handle: RePEc:bla:ecinqu:v:46:y:2008:i:2:p:149-159

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Cited by:
  1. Goetzmann, W. & Renneboog, L.D.R. & Spaenjers, C., 2010. "Art and Money," Discussion Paper, Tilburg University, Tilburg Law and Economic Center 2010-002, Tilburg University, Tilburg Law and Economic Center.
  2. Ünsal Özdilek, 2013. "Visual autocorrelation of prices," Journal of Cultural Economics, Springer, Springer, vol. 37(2), pages 203-223, May.

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