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In Search of Stylized Facts on Art Market Prices: Evidence from the Secondary Market for Prints and Drawings in Italy

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  • Guido Candela
  • Antonello Scorcu

Abstract

In the paper we develop some price indices for the secondary market forprints and drawings in Italy for the period 1977–1999. Theempirical evidence suggests the emergence of causal links from thepainting series and consumer price series to the print and drawingsprice series. Within the secondary market, the drawings price seriesprecedes the print price series. Copyright Kluwer Academic Publishers 2001

Suggested Citation

  • Guido Candela & Antonello Scorcu, 2001. "In Search of Stylized Facts on Art Market Prices: Evidence from the Secondary Market for Prints and Drawings in Italy," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 25(3), pages 219-231, August.
  • Handle: RePEc:kap:jculte:v:25:y:2001:i:3:p:219-231
    DOI: 10.1023/A:1010956416307
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    References listed on IDEAS

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    1. Czujack, Corinna & Flôres Junior, Renato Galvão & Ginsburgh, Victor, 1995. "On long-run price comovements between paintings and prints," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 269, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    2. 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.
    3. L. Picci & A. E. Scorcu, 1999. "Price Dynamics in sequential auctions. New evidence using art auction data," Working Papers 352, Dipartimento Scienze Economiche, Universita' di Bologna.
    4. 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.
    5. Anderson, Robert C, 1974. "Paintings as an Investment," Economic Inquiry, Western Economic Association International, vol. 12(1), pages 13-26, March.
    6. Olivier Chanel & Louis-André Gérard-Varet & Victor Ginsburgh, 1996. "The relevance of hedonic price indices," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 20(1), pages 1-24, March.
    7. Chanel, O. & Gerard, L.A. & Ginsburgh, V., 1992. "The Relevence of Hedonic Price Indices the Case of Paintings," G.R.E.Q.A.M. 92a19, Universite Aix-Marseille III.
    8. Clive, W.J. & Lin, Jin-Lung, 1995. "Causality in the Long Run," Econometric Theory, Cambridge University Press, vol. 11(03), pages 530-536, June.
    9. 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.
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    Citations

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    Cited by:

    1. Dominuque Sagot-Duvauroux, 2011. "Art Prices," Chapters,in: A Handbook of Cultural Economics, Second Edition, chapter 5 Edward Elgar Publishing.
    2. 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.

    More about this item

    Keywords

    drawings; Granger causality; price indices; prints;

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