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http://ssrn.com/abstract=1501171
 
 

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Art and Money


William N. Goetzmann


Yale School of Management - International Center for Finance; National Bureau of Economic Research (NBER)

Luc Renneboog


Tilburg University - Department of Finance; European Corporate Governance Institute (ECGI); Tilburg Law and Economics Center (TILEC)

Christophe Spaenjers


HEC Paris - Finance Department

April 28, 2010

Yale ICF Working Paper No. 09-26
TILEC Discussion Paper No. 2010-002
CentER Discussion Paper Series No. 2010-08

Abstract:     
This paper investigates the impact of equity markets and top incomes on art prices. Using a newly constructed art market index, we demonstrate that equity market returns have had a significant impact on the price level in the art market over the last two centuries. We also find evidence that an increase in income inequality may lead to higher prices for art. Finally, the results of Johansen cointegration tests strongly suggest the existence of a long-run relation between top incomes and art prices.

Number of Pages in PDF File: 34

Keywords: Art market, Equities, Income inequality, Cointegration, Comovement

JEL Classification: D31, D44, G1, Z11.

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Date posted: November 7, 2009 ; Last revised: March 13, 2013

Suggested Citation

Goetzmann, William N. and Renneboog, Luc and Spaenjers, Christophe, Art and Money (April 28, 2010). Yale ICF Working Paper No. 09-26; TILEC Discussion Paper No. 2010-002; CentER Discussion Paper Series No. 2010-08. Available at SSRN: http://ssrn.com/abstract=1501171 or http://dx.doi.org/10.2139/ssrn.1501171

Contact Information

William N. Goetzmann (Contact Author)
Yale School of Management - International Center for Finance ( email )
135 Prospect Street
P.O. Box 208200
New Haven, CT 06520-8200
United States
203-432-5950 (Phone)
203-432-8931 (Fax)
HOME PAGE: http://viking.som.yale.edu

National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Luc Renneboog
Tilburg University - Department of Finance ( email )
P.O. Box 90153
Warandelaan 2
5000 LE Tilburg
Netherlands
+13 31 466 8210 (Phone)
+13 31 466 2875 (Fax)
European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
Tilburg Law and Economics Center (TILEC)
Warandelaan 2
Tilburg, 5000 LE
Netherlands
Christophe Spaenjers
HEC Paris (Groupe HEC) - Finance Department ( email )
1 rue de la Liberation
Jouy-en-Josas Cedex, 78351
France

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