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The law of one price, noise and “irrational exuberance”: the auction market for Picasso prints

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  • James Pesando
  • Pauline Shum

Abstract

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Suggested Citation

  • James Pesando & Pauline Shum, 2007. "The law of one price, noise and “irrational exuberance”: the auction market for Picasso prints," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 31(4), pages 263-277, December.
    • Handle: RePEc:kap:jculte:v:31:y:2007:i:4:p:263-277
    DOI: 10.1007/s10824-007-9046-7
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    References listed on IDEAS

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    1. Victor Ginsburgh, 2001. "Economics of arts and culture," ULB Institutional Repository 2013/1869, ULB -- Universite Libre de Bruxelles.
    2. Marilena Biey & Roberto Zanola, 2005. "The Market for Picasso Prints: A Hybrid Model Approach," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 29(2), pages 127-136, May.
    3. Pesando, James E, 1993. "Art as an Investment: The Market for Modern Prints," American Economic Review, American Economic Association, vol. 83(5), pages 1075-1089, December.
    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.
    5. William N. Goetzmann & Liang Peng, 2002. "The Bias of the RSR Estimator and the Accuracy of Some Alternatives," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 30(1), pages 13-39.
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    Citations

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    Cited by:

    1. Heinrich Ursprung, 2020. "Jane Beats Them All: Price Formation and Financial Returns to Investing in Rare Books," CESifo Working Paper Series 8302, CESifo.
    2. Lan Ju & Zhiyong Tu & Changyong Xue, 2019. "Art Pricing with Computer Graphic Techniques," Papers 1910.03800, arXiv.org.
    3. Zanola, Roberto & Vecco, Marilena & Jones, Andrew, 2021. "A place for everything and everything in its place: New York's role in the art market," Research in Economics, Elsevier, vol. 75(3), pages 215-224.
    4. Penasse, J.N.G. & Renneboog, L.D.R., 2014. "Bubbles and Trading Frenzies : Evidence from the Art Market," Other publications TiSEM bf0d8984-df7f-4f02-afc7-3, Tilburg University, School of Economics and Management.
    5. Kim Oosterlinck & Anne-Sophie Radermecker & Yuqing Song, 2023. "The Valuation of Copies for Chinese Artworks," Working Papers CEB 23-008, ULB -- Universite Libre de Bruxelles.
    6. Park, Heungju & Ju, Lan & Liang, Tianyu & Tu, Zhiyong, 2017. "Horizon analysis of art investments: Evidence from the Chinese market," Pacific-Basin Finance Journal, Elsevier, vol. 41(C), pages 17-25.
    7. Erdős, Péter & Ormos, Mihály, 2012. "Pricing of collectibles: Baedeker guidebooks," Economic Modelling, Elsevier, vol. 29(5), pages 1968-1978.
    8. Taylor, Dominic & Coleman, Les, 2011. "Price determinants of Aboriginal art, and its role as an alternative asset class," Journal of Banking & Finance, Elsevier, vol. 35(6), pages 1519-1529, June.
    9. 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.
    10. Assaf, Ata, 2018. "Testing for bubbles in the art markets: An empirical investigation," Economic Modelling, Elsevier, vol. 68(C), pages 340-355.

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    More about this item

    Keywords

    Art market; Picasso prints; Law of one price; Noise in auction outcome; Z11; G11; G14;
    All these keywords.

    JEL classification:

    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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