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Sentiment and art prices

Author

Listed:
  • Julien Pénasse

    (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
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    Citations

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    Cited by:

    1. Ma, Yongfan & Qi, Tiancheng, 2023. "China mainland art investment: Return and portfolio," Finance Research Letters, Elsevier, vol. 58(PC).
    2. Julien Pénasse & Luc Renneboog, 2022. "Speculative Trading and Bubbles: Evidence from the Art Market," Management Science, INFORMS, vol. 68(7), pages 4939-4963, July.
    3. 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.
    4. Yuexin Li & Xiaoyin Ma & Luc Renneboog, 2024. "In Art We Trust," Management Science, INFORMS, vol. 70(1), pages 98-127, January.
    5. Régis Blazy & Marie Blum, 2022. "Horizontal and vertical differentiation in comic art auctions," Economic Inquiry, Western Economic Association International, vol. 60(3), pages 1382-1415, July.
    6. Ma, Marshall Xiaoyin & Noussair, Charles N. & Renneboog, Luc, 2022. "Colors, Emotions, and the Auction Value of Paintings," European Economic Review, Elsevier, vol. 142(C).
    7. Spaenjers , Christophe & Goetzmann , William, 2014. "The Economics of Aesthetics and Three Centuries of Art Price Records," HEC Research Papers Series 1055, HEC Paris.
    8. Ma, X., 2019. "Essays on alternative investments," Other publications TiSEM 7f4d5b36-96cb-4eac-ae91-f, Tilburg University, School of Economics and Management.
    9. Géraldine David & Yuexin Li & Kim Oosterlinck & Luc Renneboog, 2024. "Art in times of crisis," Economic History Review, Economic History Society, vol. 77(4), pages 1362-1413, November.
    10. Laurs, Dries & Renneboog, Luc, 2019. "My kingdom for a horse (or a classic car)," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 58(C), pages 184-207.
    11. Li, Yuexin & Ma, X. & Renneboog, Luc, 2021. "Pricing Art and the Art of Pricing : On Returns and Risk in Art Auction Markets," Other publications TiSEM 8d25ec25-78dc-4cdc-b054-f, Tilburg University, School of Economics and Management.
    12. Dimson, Elroy & Rousseau, Peter L. & Spaenjers, Christophe, 2015. "The price of wine," Journal of Financial Economics, Elsevier, vol. 118(2), pages 431-449.
    13. Penasse, J.N.G. & Renneboog, L.D.R., 2014. "Bubbles and Trading Frenzies : Evidence from the Art Market," Other publications TiSEM bf0d8984-df7f-4f02-afc7-3, Tilburg University, School of Economics and Management.
    14. Kathryn Graddy & Lara Loewenstein & Jianping Mei & Mike Moses & Rachel A. J. Pownall, 2023. "Empirical evidence of anchoring and loss aversion from art auctions," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 47(2), pages 279-301, June.
    15. Emmanuel Joel Aikins Abakah & Aviral Kumar Tiwari & Emmanuel Kwesi Arthur & Luis Alberiko Gil-Alana, 2023. "The influence of economic policy uncertainty shocks on art market," Applied Economics, Taylor & Francis Journals, vol. 55(29), pages 3404-3421, June.
    16. Jianping Mei & Michael Moses & Yi Zhou, 2023. "Residual variance and asset pricing in the art market," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 47(3), pages 513-545, September.
    17. Li, Yuexin, 2021. "Pricing art: Returns, trust, and crises," Other publications TiSEM 8832c172-83dd-4ed9-8215-0, Tilburg University, School of Economics and Management.

    More about this item

    Keywords

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    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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