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Sentiment and art prices

Listed author(s):
  • 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)

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.

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Paper provided by HAL in its series Post-Print with number hal-00982427.

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Length:
Date of creation: Mar 2014
Publication status: Published in Economics Letters, Elsevier, 2014, 122 (3), pp.432-434. <10.1016/j.econlet.2014.01.008>
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
Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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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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