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Investment

Buying Beauty: On Prices and Returns in the Art Market

Authors: Luc Renneboog and Christopher Spaenjers
Link: http://mansci.journal.informs.org

The abstract entitled, Buying Beauty: On Prices and Returns in the Art Market, published in the Journal of the Institute for Operations Research and the Management Sciences, investigated the price determinants and investment performance of objects of art. The researchers applied a hedonic regression analysis to a new data set of more than one million auction transactions of paintings and works on paper.  Based on the resulting price index, the study concluded that objects of art have appreciated in relative value by a moderate 3.97% per year, in real U.S. Dollars, between 1957 and 2007.  This is a performance similar to that of corporate bonds with higher risk and reward, furthermore is a relative measure that can be used for estate, resale, or insurances purposes.

1.  Renneboog, Luc, and Christopher Spaenjers. “Informs Online.” Buying Beauty: On Prices and Returns in the Art Market. Journal of the Institute for Operations Research and the Management Sciences, 08 Oct. 2010. Web. 09 Apr. 2013. <http://mansci.journal.informs.org/content/early/2012/10/08/mnsc.1120.1580.abstract>

Works on Paper as an Art Object:

Works on Paper have always been desirable to collect because of scale and cost footprint.  Photographic works available from this website are created with highest quality inks on the finest archival substrates and retain their value over time with an associated appreciation which intrinsically adds value to any estate.  All the photographs represented in this website’s galleries and that are available are authentic, unique and one of the kind representations with controlled limited print editions.

Description of the Physical Materials: