Buying Beauty: On Prices and Returns in the Art Market
Authors: Luc Renneboog and Christopher Spaenjers
Link: http://mansci.journal.informs.org
The abstract, 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 art objects’ price determinants and investment performance. 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 corporate bonds with higher risk and reward; furthermore, it is a relative measure that can be used for estate, resale, or insurance 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. <https://pubsonline.informs.org/doi/abs/10.1287/mnsc.1120.1580>
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