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Pricing Art and the Art of Pricing : On Returns and Risk in Art Auction Markets

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  • Li, Yuexin

    (Tilburg University, Center For Economic Research)

  • Ma, X.

    (Tilburg University, Center For Economic Research)

  • Renneboog, Luc

    (Tilburg University, Center For Economic Research)

Abstract

No abstract is available for this item.

Suggested Citation

  • Li, Yuexin & Ma, X. & Renneboog, Luc, 2021. "Pricing Art and the Art of Pricing : On Returns and Risk in Art Auction Markets," Discussion Paper 2021-018, Tilburg University, Center for Economic Research.
  • Handle: RePEc:tiu:tiucen:8d25ec25-78dc-4cdc-b054-f1f3b50053a8
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    References listed on IDEAS

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    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. David, Géraldine & Li, Yuexin & Oosterlinck, Kim & Renneboog, Luc, 2021. "Art in Times of Crisis," CEPR Discussion Papers 16575, C.E.P.R. Discussion Papers.
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    6. Pénasse, Julien & Renneboog, Luc & Spaenjers, Christophe, 2014. "Sentiment and art prices," Economics Letters, Elsevier, vol. 122(3), pages 432-434.
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    10. Arthur Korteweg & Roman Kräussl & Patrick Verwijmeren, 2016. "Does it Pay to Invest in Art? A Selection-Corrected Returns Perspective," Review of Financial Studies, Society for Financial Studies, vol. 29(4), pages 1007-1038.
    11. Laurie Cameron & William N. Goetzmann & Milad Nozari, 2019. "Art and gender: market bias or selection bias?," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 43(2), pages 279-307, June.
    12. 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.
    13. Renneboog, L.D.R. & Spaenjers, C., 2014. "Investment Returns and Economic Fundamentals in International Art Markets," Other publications TiSEM a93f84dd-2411-4b7d-ad58-6, Tilburg University, School of Economics and Management.
    14. Goetzmann, William N, 1993. "Accounting for Taste: Art and the Financial Markets over Three Centuries," American Economic Review, American Economic Association, vol. 83(5), pages 1370-1376, December.
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    17. William N. Goetzmann & Luc Renneboog & Christophe Spaenjers, 2011. "Art and Money," American Economic Review, American Economic Association, vol. 101(3), pages 222-226, May.
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    20. 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.
    21. Silver, Mick & Heravi, Saeed, 2007. "Why elementary price index number formulas differ: Evidence on price dispersion," Journal of Econometrics, Elsevier, vol. 140(2), pages 874-883, October.
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    23. Dimson, Elroy & Spaenjers, Christophe, 2011. "Ex post: The investment performance of collectible stamps," Journal of Financial Economics, Elsevier, vol. 100(2), pages 443-458, May.
    24. Stein, John Picard, 1977. "The Monetary Appreciation of Paintings," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 1021-1035, October.
    25. Adams, Renée & Kräussl, Roman & Navone, Marco & Verwijmeren, Patrick, 2018. "Is gender in the eye of the beholder? Identifying cultural attitudes with art auction prices," CFS Working Paper Series 595, Center for Financial Studies (CFS).
    26. 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.
    27. 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(6), pages 1489-1514, December.
    28. Orley Ashenfelter & Kathryn Graddy, 2003. "Auctions and the Price of Art," Journal of Economic Literature, American Economic Association, vol. 41(3), pages 763-787, September.
    29. Li, Yuexin & Ma, X. & Renneboog, Luc, 2021. "In Art We Trust," Discussion Paper 2021-016, Tilburg University, Center for Economic Research.
    30. Kathryn Graddy & Lara Loewenstein & Jianping Mei & Mike Moses & Rachel Pownall, 2014. "Empirical Evidence of Anchoring and Loss Aversion from Art Auctions," Working Papers 73, Brandeis University, Department of Economics and International Businesss School, revised Apr 2015.
    31. Benjamin R. Mandel, 2009. "Art as an Investment and Conspicuous Consumption Good," American Economic Review, American Economic Association, vol. 99(4), pages 1653-1663, September.
    32. 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.
    33. Meese, Richard A & Wallace, Nancy E, 1997. "The Construction of Residential Housing Price Indices: A Comparison of Repeat-Sales, Hedonic-Regression and Hybrid Approaches," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 51-73, Jan.-Marc.
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    Cited by:

    1. David, Géraldine & Li, Yuexin & Oosterlinck, Kim & Renneboog, Luc, 2021. "Art in Times of Crisis," CEPR Discussion Papers 16575, C.E.P.R. Discussion Papers.
    2. Li, Yuexin, 2021. "Pricing art: Returns, trust, and crises," Other publications TiSEM 8832c172-83dd-4ed9-8215-0, Tilburg University, School of Economics and Management.

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    Keywords

    auction; art investment; cultural economics; hedonic pricing model; repeat sales model;
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