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In Search of Stylized Facts on Art Market Prices: Evidence from the Secondary Market for Prints and Drawings in Italy

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  • Guido Candela
  • Antonello Scorcu

Abstract

In the paper we develop some price indices for the secondary market forprints and drawings in Italy for the period 1977–1999. Theempirical evidence suggests the emergence of causal links from thepainting series and consumer price series to the print and drawingsprice series. Within the secondary market, the drawings price seriesprecedes the print price series. Copyright Kluwer Academic Publishers 2001

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File URL: http://hdl.handle.net/10.1023/A:1010956416307
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Bibliographic Info

Article provided by Springer in its journal Journal of Cultural Economics.

Volume (Year): 25 (2001)
Issue (Month): 3 (August)
Pages: 219-231

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Handle: RePEc:kap:jculte:v:25:y:2001:i:3:p:219-231

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Web page: http://www.springerlink.com/link.asp?id=100284

Related research

Keywords: drawings; Granger causality; price indices; prints;

References

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  1. Anderson, Robert C, 1974. "Paintings as an Investment," Economic Inquiry, Western Economic Association International, vol. 12(1), pages 13-26, March.
  2. G. Candela & A. Scorcu, 1997. "A Price Index for Art Market Auctions," Journal of Cultural Economics, Springer, vol. 21(3), pages 175-196, September.
  3. Chanel, O. & Gérard-Varet, L.-A. & Ginsburgh, V., . "The relevance of hedonic price indices," CORE Discussion Papers RP -1222, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. CZUJACK, C. & FLÔRES, R. & GINSBURGH, Jr. and V., . "On long-run price comovements between paintings and prints," CORE Discussion Papers RP -1240, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Baumol, William J, 1986. "Unnatural Value: Or Art Investment as Floating Crap Game," American Economic Review, American Economic Association, vol. 76(2), pages 10-14, May.
  6. Chanel, O. & Gerard, L.A. & Ginsburgh, V., 1992. "The Relevence of Hedonic Price Indices the Case of Paintings," G.R.E.Q.A.M. 92a19, Universite Aix-Marseille III.
  7. Clive, W.J. & Lin, Jin-Lung, 1995. "Causality in the Long Run," Econometric Theory, Cambridge University Press, vol. 11(03), pages 530-536, June.
  8. Pesando, James E, 1993. "Art as an Investment: The Market for Modern Prints," American Economic Review, American Economic Association, vol. 83(5), pages 1075-89, December.
  9. L. Picci & A. E. Scorcu, 1999. "Price Dynamics in sequential auctions. New evidence using art auction data," Working Papers 352, Dipartimento Scienze Economiche, Universita' di Bologna.
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Cited by:
  1. Erdos, Péter & Ormos, Mihály, 2010. "Random walk theory and the weak-form efficiency of the US art auction prices," Journal of Banking & Finance, Elsevier, vol. 34(5), pages 1062-1076, May.

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