The Returns to Picasso's Prints and to Traditional Financial Assets, 1977 to 1996
This paper updates prior work by Pesando (1993) regarding art as an investment. Using world-wide auction prices for Picasso prints for the period 1977 to 1996, this paper establishes that (1) a recovery in the art market did occur in the mid-1990s, but (2) the real rate of return on this segment of the art market remains low relative to its risk. Indeed, the real rate of return is beneath that provided by U.S. Treasury Bills. Copyright Kluwer Academic Publishers 1999
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Volume (Year): 23 (1999)
Issue (Month): 3 (August)
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- Chanel, O., 1994.
"Is Art Market Behavior Predictable?,"
94b08, Universite Aix-Marseille III.
- G. Candela & A. Scorcu, 1997. "A Price Index for Art Market Auctions," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 21(3), pages 175-196, September.
- 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.
- Shiller, Robert J, 1979. "The Volatility of Long-Term Interest Rates and Expectations Models of the Term Structure," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1190-1219, December.
- 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.
- Nathalie Buelens & Victor Ginsburgh, 1993.
"Revisiting Baumol's Art as floating crap game,"
ULB Institutional Repository
2013/1727, ULB -- Universite Libre de Bruxelles.
- 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).
- Ginsburgh, V. & Buelens, N., 1992. "Revisiting Baumol's "Art As Floating Crap Game"," Papers 9204, Universite Libre de Bruxelles - C.E.M.E..
- 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.
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