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Sentiment and art prices

Author

Listed:
  • Julien Pénasse

    (ESSEC Business School - Essec Business School)

  • Luc Renneboog

    (CentER - Tilburg University [Netherlands])

  • Christophe Spaenjers

    (GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC - HEC Paris - Ecole des Hautes Etudes Commerciales - CNRS - Centre National de la Recherche Scientifique)

Abstract

We hypothesize the existence of a slow-moving fad component in art prices. Using unique panel survey data on art market participants' confidence levels in the outlook for a set of artists, we find that sentiment indeed predicts short-term returns.

Suggested Citation

  • Julien Pénasse & Luc Renneboog & Christophe Spaenjers, 2014. "Sentiment and art prices," Post-Print hal-00982427, HAL.
  • Handle: RePEc:hal:journl:hal-00982427 DOI: 10.1016/j.econlet.2014.01.008 Note: View the original document on HAL open archive server: https://hal-hec.archives-ouvertes.fr/hal-00982427
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    References listed on IDEAS

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    1. Graddy, Kathryn, 2013. "Taste Endures! The Rankings of Roger de Piles (†1709) and Three Centuries of Art Prices," The Journal of Economic History, Cambridge University Press, vol. 73(03), pages 766-791, September.
    2. William N. Goetzmann & Luc Renneboog & Christophe Spaenjers, 2011. "Art and Money," American Economic Review, American Economic Association, vol. 101(3), pages 222-226, May.
    3. Camerer, Colin, 1989. " Bubbles and Fads in Asset Prices," Journal of Economic Surveys, Wiley Blackwell, vol. 3(1), pages 3-41.
    4. David, Géraldine & Oosterlinck, Kim & Szafarz, Ariane, 2013. "Art market inefficiency," Economics Letters, Elsevier, vol. 121(1), pages 23-25.
    5. Luc Renneboog & Christophe Spaenjers, 2013. "Buying Beauty: On Prices and Returns in the Art Market," Management Science, INFORMS, vol. 59(1), pages 36-53, February.
    6. Hiraki, Takato & Ito, Akitoshi & Spieth, Darius A. & Takezawa, Naoya, 2009. "How Did Japanese Investments Influence International Art Prices?," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 44(06), pages 1489-1514, December.
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    Cited by:

    1. Dimson, Elroy & Rousseau, Peter L. & Spaenjers, Christophe, 2015. "The price of wine," Journal of Financial Economics, Elsevier, vol. 118(2), pages 431-449.
    2. Spaenjers, Christophe & Goetzmann, William N. & Mamonova, Elena, 2015. "The economics of aesthetics and record prices for art since 1701," Explorations in Economic History, Elsevier, vol. 57(C), pages 79-94.
    3. William Goetzmann & Elena Mamonova & Christophe Spaenjers, 2014. "The Economics of Aesthetics and Three Centuries of Art Price Records," NBER Working Papers 20440, National Bureau of Economic Research, Inc.
    4. Penasse, J.N.G. & Renneboog, L.D.R., 2014. "Bubbles and Trading Frenzies : Evidence from the Art Market," Discussion Paper 2014-068, Tilburg University, Tilburg Law and Economic Center.

    More about this item

    Keywords

    Art; Return predictability; Sentiment; Fads;

    JEL classification:

    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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