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Home is where your art is: the home bias of art collectors

  • Lasse Steiner
  • Bruno S. Frey
  • Magnus Resch

This paper analysis the global distribution of art collections and collectors´ biases with respect to the origin of artworks. Employing a unique dataset we find that the greatest number of private art collections are located in Europe, North America and Asia. There are relatively few collections in Latin America and Africa. The artists whose oeuvres dominate the markets for collected art come from North America, followed by Asian and European artists. The home bias in private art collections turns out to be strong in all continents and countries. It is highest for Asian and African collections and smaller for European and North American collections. The home bias can partly be accounted for by high export and import restrictions.

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File URL: http://www.econ.uzh.ch/static/wp/econwp135.pdf
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Paper provided by Department of Economics - University of Zurich in its series ECON - Working Papers with number 135.

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Date of creation: Nov 2013
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Handle: RePEc:zur:econwp:135
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  1. Alicia García-Herrero & Francisco F. Vázquez, 2007. "International Diversification Gains and Home Bias in Banking," IMF Working Papers 07/281, International Monetary Fund.
  2. Laura Onofri, 2009. "Old master paintings, export veto and price formation: an empirical study," European Journal of Law and Economics, Springer, vol. 28(2), pages 149-161, October.
  3. Amonlirdviman, Kevin & Carvalho, Carlos, 2010. "Loss aversion, asymmetric market comovements, and the home bias," Journal of International Money and Finance, Elsevier, vol. 29(7), pages 1303-1320, November.
  4. Stijn Van Nieuwerburgh & Laura Veldkamp, 2009. "Information Immobility and the Home Bias Puzzle," Journal of Finance, American Finance Association, vol. 64(3), pages 1187-1215, 06.
  5. Tesar, Linda L. & Werner, Ingrid M., 1995. "Home bias and high turnover," Journal of International Money and Finance, Elsevier, vol. 14(4), pages 467-492, August.
  6. Karolyi, G. Andrew & Stulz, Rene M., 2003. "Are financial assets priced locally or globally?," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 16, pages 975-1020 Elsevier.
  7. Kenneth R. French & James M. Poterba, 1991. "Investor Diversification and International Equity Markets," NBER Working Papers 3609, National Bureau of Economic Research, Inc.
  8. Joshua D. Coval & Tobias J. Moskowitz, 2001. "The Geography of Investment: Informed Trading and Asset Prices," Journal of Political Economy, University of Chicago Press, vol. 109(4), pages 811-841, August.
  9. Karen K. Lewis, 1999. "Trying to Explain Home Bias in Equities and Consumption," Journal of Economic Literature, American Economic Association, vol. 37(2), pages 571-608, June.
  10. Günther Schulze, 1999. "International Trade in Art," Journal of Cultural Economics, Springer, vol. 23(1), pages 109-136, March.
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