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The Market for Sculptures: an Adjacent Year Regression Index

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Author Info

  • Locatelli-Biey, Marilena

    ()

  • Zanola, Roberto

    ()

Abstract

This paper analyses the performance of an investment in sculptures during the period 1987-1995 by applying the hedonic price technique with time dummy variables to a sample of over 27,000 sales occured at auctions. The main finding is that the trend of the rate of return on an investment in sculptures is more stable than those associated to alternative forms of investment during the analysed period.

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File URL: http://polis.unipmn.it/pubbl/RePEc/uca/ucapdv/zanola3.pdf
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Bibliographic Info

Paper provided by Institute of Public Policy and Public Choice - POLIS in its series POLIS Working Papers with number 14.

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Length: 22 pages
Date of creation: May 2000
Date of revision:
Handle: RePEc:uca:ucapdv:14

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Web page: http://polis.unipmn.it

Related research

Keywords: Auction; Hedonic Price; Sculpture; Return.;

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References

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  1. Victor Ginsburgh & Anne-Françoise Penders, 1997. "Land artists and art markets," ULB Institutional Repository 2013/99276, ULB -- Universite Libre de Bruxelles.
  2. Ginsburgh, V. & Buelens, N., 1992. "Revisiting Baumol's "Art As Floating Crap Game"," Papers 9204, Universite Libre de Bruxelles - C.E.M.E..
  3. Combris, Pierre & Lecocq, Sebastien & Visser, Michael, 1997. "Estimation for a Hedonic Price Equation for Bordeaux Wine: Does Quality Matter?," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 107(441), pages 390-402, March.
  4. 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.
  5. 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.
  6. Renneboog, L.D.R. & Houte, T. van, 1999. "The Monetary Appreciation of Paintings: From Realism to Magritte," Discussion Paper, Tilburg University, Center for Economic Research 1999-62, Tilburg University, Center for Economic Research.
  7. 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.
  8. G. Candela & A. Scorcu, 1997. "A Price Index for Art Market Auctions," Journal of Cultural Economics, Springer, vol. 21(3), pages 175-196, September.
  9. Stein, John Picard, 1977. "The Monetary Appreciation of Paintings," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 85(5), pages 1021-35, October.
  10. Anderson, Robert C, 1974. "Paintings as an Investment," Economic Inquiry, Western Economic Association International, vol. 12(1), pages 13-26, March.
  11. 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.
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