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The Sculpture Market: An Adjacent Year Regression Index

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  • Marilena Locatelli-Biey
  • Roberto Zanola

Abstract

This paper analyses the performance of an investment in sculpture during theperiod 1987–1995 by applying the hedonic price technique with time dummyvariables to a sample of over 27,000 sales at auctions. The main finding isthat the adjacent year price index differs substantially between theinexpensive/middle portfolio and the expensive portfolio. The first showsthe existence of a boom period until 1990, followed by a non boom period. Bycontrast, the return of an investment in the expensive portfolio performedsomewhat better during the period analysed, with the only fall in the priceindex in 1990 and 1991. Copyright Kluwer Academic Publishers 2002

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Bibliographic Info

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

Volume (Year): 26 (2002)
Issue (Month): 1 (February)
Pages: 65-78

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Handle: RePEc:kap:jculte:v:26:y:2002:i:1:p:65-78

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

Related research

Keywords: auction; hedonic price; rate of return; sculpture;

References

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  1. Luc Renneboog, 2002. "The monetary appreciation of paintings: from realism to Magritte," Cambridge Journal of Economics, Oxford University Press, vol. 26(3), pages 331-358, May.
  2. Stein, John Picard, 1977. "The Monetary Appreciation of Paintings," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 1021-35, October.
  3. Ross, Myron H & Zondervan, Scott, 1989. "Capital Gains and the Rate of Return on a Stradivarius," Economic Inquiry, Western Economic Association International, vol. 27(3), pages 529-40, July.
  4. Victor Ginsburgh & Anne-Françoise Penders, 1997. "Land artists and art markets," ULB Institutional Repository 2013/99276, ULB -- Universite Libre de Bruxelles.
  5. Olivier Chanel & Louis-André Gérard-Varet & Victor Ginsburgh, 1996. "The relevance of hedonic price indices," Journal of Cultural Economics, Springer, vol. 20(1), pages 1-24, March.
  6. Frey, Bruno S. & Eichenberger, Reiner, 1995. "On the rate of return in the art market: Survey and evaluation," European Economic Review, Elsevier, vol. 39(3-4), pages 528-537, April.
  7. 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.
  8. Chanel, Olivier, 1995. "Is art market behaviour predictable?," European Economic Review, Elsevier, vol. 39(3-4), pages 519-527, April.
  9. Goetzmann, William N, 1993. "Accounting for Taste: Art and the Financial Markets over Three Centuries," American Economic Review, American Economic Association, vol. 83(5), pages 1370-76, December.
  10. Nerlove, Marc, 1995. "Hedonic price functions and the measurement of preferences: The case of Swedish wine consumers," European Economic Review, Elsevier, vol. 39(9), pages 1697-1716, December.
  11. Ginsburgh, V. & Jeanfils, P., . "Long-term comovements in international markets for paintings," CORE Discussion Papers RP -1147, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  12. 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.
  13. Combris, Pierre & Lecocq, Sebastien & Visser, Michael, 1997. "Estimation for a Hedonic Price Equation for Bordeaux Wine: Does Quality Matter?," Economic Journal, Royal Economic Society, vol. 107(441), pages 390-402, March.
  14. Buelens, Nathalie & Ginsburgh, Victor, 1993. "Revisiting Baumol's 'art as floating crap game'," European Economic Review, Elsevier, vol. 37(7), pages 1351-1371, October.
  15. Gordon, Robert J., 1990. "The Measurement of Durable Goods Prices," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226304557.
  16. Burton, Benjamin J & Jacobsen, Joyce P, 2001. "The Rate of Return on Investment in Wine," Economic Inquiry, Western Economic Association International, vol. 39(3), pages 337-50, July.
  17. G. Candela & A. Scorcu, 1997. "A Price Index for Art Market Auctions," Journal of Cultural Economics, Springer, vol. 21(3), pages 175-196, September.
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Citations

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Cited by:
  1. Patrick Georges & Aylin Seçkin, 2013. "Black notes and white noise: a hedonic approach to auction prices of classical music manuscripts," Journal of Cultural Economics, Springer, vol. 37(1), pages 33-60, February.
  2. Ormos, Mihály & Erdős, Péter, 2011. "Borok mint alternatív befektetési lehetőségek
    [Wines as an alternative investment]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 158-172.
  3. Patrick Georges & Aylin Seçkin, 2012. "Auction Prices of Classical Music Manuscripts – A Hedonic Approach," Working Papers 1202E, University of Ottawa, Department of Economics.
  4. 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.
  5. Abderazak Bakhouche & Ludovic P.J. Thebault, 2011. "What Determines Cézanne’S Art Pricing? A Hedonic Regression Method," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 58, pages 515-532, november.
  6. Erdős, Péter & Ormos, Mihály, 2012. "Pricing of collectibles: Baedeker guidebooks," Economic Modelling, Elsevier, vol. 29(5), pages 1968-1978.

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