Revisiting Baumol's "Art As Floating Crap Game"
AbstractWe show that Baumol's conclusion that returns on bonds are higher than returns on paintings is too pessimistic. There are segments in the market for which returns are significantly higher than returns on bonds and stocks, during long periods of time (20 to 40 years); since tastes do change slowly (though not in a predictable way), this may imply that beating the market is not impossible. We also construct price indexes for paintings over the last 200 years.
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Bibliographic InfoPaper provided by Universite Libre de Bruxelles - C.E.M.E. in its series Papers with number 9204.
Length: 21 pages
Date of creation: 1992
Date of revision:
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prices ; economic theory;
Other versions of this item:
- BUELENS, Nathalie & GINSBURGH, Victor, . "Revisiting Baumol's `art as floating crap game'," CORE Discussion Papers RP -1063, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Nathalie Buelens & Victor Ginsburgh, 1993. "Revisiting Baumol's Art as floating crap game," ULB Institutional Repository 2013/1727, ULB -- Universite Libre de Bruxelles.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
- 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.
- Chanel, O. & Gerard-Varet, L.A. & Ginsburgh, V., 1990. "Is Art Such A Bad Investment?," G.R.E.Q.A.M. 90b03, Universite Aix-Marseille III.
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