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The Market for Sculptures: an Adjacent Year Regression Index

Author

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  • Locatelli-Biey, Marilena

    ()

  • Zanola, Roberto

    ()

Abstract

This paper analyses the performance of an investment in sculptures during the period 1987-1995 by applying the hedonic price technique with time dummy variables to a sample of over 27,000 sales occured at auctions. The main finding is that the trend of the rate of return on an investment in sculptures is more stable than those associated to alternative forms of investment during the analysed period.

Suggested Citation

  • Locatelli-Biey, Marilena & Zanola, Roberto, 2000. "The Market for Sculptures: an Adjacent Year Regression Index," POLIS Working Papers 14, Institute of Public Policy and Public Choice - POLIS.
  • Handle: RePEc:uca:ucapdv:14
    as

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    File URL: http://polis.unipmn.it/pubbl/RePEc/uca/ucapdv/zanola3.pdf
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    References listed on IDEAS

    as
    1. Frey, Bruno S. & Eichenberger, Reiner, 1995. "On the rate of return in the art market: Survey and evaluation," European Economic Review, Elsevier, vol. 39(3-4), pages 528-537, April.
    2. Buelens, Nathalie & Ginsburgh, Victor, 1993. "Revisiting Baumol's 'art as floating crap game'," European Economic Review, Elsevier, vol. 37(7), pages 1351-1371, October.
    3. V. Ginsburgh & A.-F. Penders, 1997. "Land Artists and Art Markets," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 21(3), pages 219-228, September.
    4. Combris, Pierre & Lecocq, Sebastien & Visser, Michael, 1997. "Estimation for a Hedonic Price Equation for Bordeaux Wine: Does Quality Matter?," Economic Journal, Royal Economic Society, vol. 107(441), pages 390-402, March.
    5. G. Candela & A. Scorcu, 1997. "A Price Index for Art Market Auctions," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 21(3), pages 175-196, September.
    6. Anderson, Robert C, 1974. "Paintings as an Investment," Economic Inquiry, Western Economic Association International, vol. 12(1), pages 13-26, March.
    7. Luc Renneboog, 2002. "The monetary appreciation of paintings: from realism to Magritte," Cambridge Journal of Economics, Oxford University Press, vol. 26(3), pages 331-358, May.
    8. Ross, Myron H & Zondervan, Scott, 1989. "Capital Gains and the Rate of Return on a Stradivarius," Economic Inquiry, Western Economic Association International, vol. 27(3), pages 529-540, July.
    9. 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.
    10. 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.
    11. Stein, John Picard, 1977. "The Monetary Appreciation of Paintings," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 1021-1035, October.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Auction; Hedonic Price; Sculpture; Return.;

    JEL classification:

    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • Z1 - Other Special Topics - - Cultural Economics

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