Long- and short-term portfolio choices of paintings
In their paper on price comovements of paintings, Ginsburgh and Jeanfils show that in three important markets (London, Paris and New York), prices of well-known and lesser known painters ''move together'' (are cointegrated). They conclude that therefore, an investor may be indifferent between the two groups of painters. We show that this is not the case, since well-known painters are less risky, and that though returns may be comparable, the share of well-known painters in a portfolio of paintings might be as high as 90%. We also construct long-run and short-run portfolios and show that these may be very different. These short-term portfolios give interesting insights which help in characterizing each of the three markets. Copyright Kluwer Academic Publishers 1999
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|Date of creation:||1999|
|Date of revision:|
|Publication status:||Published in: Journal of cultural economics (1999) v.23 n° 3,p.193-210|
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- Nathalie Buelens & Victor Ginsburgh, 1993.
"Revisiting Baumol's Art as floating crap game,"
ULB Institutional Repository
2013/1727, ULB -- Universite Libre de Bruxelles.
- BUELENS, Nathalie & GINSBURGH, Victor, . "Revisiting Baumol's `art as floating crap game'," CORE Discussion Papers RP -1063, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Ginsburgh, V. & Buelens, N., 1992. "Revisiting Baumol's "Art As Floating Crap Game"," Papers 9204, Universite Libre de Bruxelles - C.E.M.E..
- Chanel, O. & Gérard-Varet, L.-A. & Ginsburgh, V., .
"The relevance of hedonic price indices,"
CORE Discussion Papers RP
-1222, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Czujack, Corinna & Flôres Junior, Renato Galvão & Ginsburgh, Victor, 1995.
"On long-run price comovements between paintings and prints,"
Economics Working Papers (Ensaios Economicos da EPGE)
269, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
- CZUJACK, C. & FLÔRES, R. & GINSBURGH, Jr. and V., . "On long-run price comovements between paintings and prints," CORE Discussion Papers RP -1240, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Victor Ginsburgh & Philippe Jeanfils, 1995.
"Long-term comovements in international markets for paintings,"
ULB Institutional Repository
2013/1717, ULB -- Universite Libre de Bruxelles.
- Ginsburgh, Victor & Jeanfils, Philippe, 1995. "Long-term comovements in international markets for paintings," European Economic Review, Elsevier, vol. 39(3-4), pages 538-548, April.
- Ginsburgh, V. & Jeanfils, P., . "Long-term comovements in international markets for paintings," CORE Discussion Papers RP -1147, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Davidson, James E H, et al, 1978. "Econometric Modelling of the Aggregate Time-Series Relationship between Consumers' Expenditure and Income in the United Kingdom," Economic Journal, Royal Economic Society, vol. 88(352), pages 661-92, December.
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