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Art and Money

Author

Listed:
  • William N. Goetzmann

    (School of Management - Yale University [New Haven])

  • Luc Renneboog

    (Department of Economics - Tilburg University [Netherlands])

  • Christophe Spaenjers

    (Department of Economics - Tilburg University [Netherlands])

Abstract

This paper investigates the impact of equity markets and top incomes on art prices. Using a newly constructed art market index, we demonstrate that equity market returns have had a significant impact on the price level in the art market over the last two centuries. We also find evidence that an increase in income inequality may lead to higher prices for art. Finally, the results of Johansen's cointegration tests strongly suggest the existence of a long-run relation between top incomes and art prices.

Suggested Citation

  • William N. Goetzmann & Luc Renneboog & Christophe Spaenjers, 2011. "Art and Money," Post-Print hal-00623450, HAL.
    • Handle: RePEc:hal:journl:hal-00623450
    DOI: 10.1257/aer.101.3.222
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    Keywords

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    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • G1 - Financial Economics - - General Financial Markets
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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