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Art and MoneyWilliam N. GoetzmannYale School of Management - International Center for Finance; National Bureau of Economic Research (NBER) Luc RenneboogTilburg University - Department of Finance; European Corporate Governance Institute (ECGI); Tilburg Law and Economics Center (TILEC) Christophe SpaenjersHEC Paris - Finance Department November 2009 NBER Working Paper No. w15502 Abstract: This paper investigates the impact of equity markets and top incomes on art prices. Using a long-term art market index that incorporates information on repeated sales since the eighteenth century, we demonstrate that both same-year and lagged equity market returns have a significant impact on the price level in the art market. Over a shorter time frame, we also find empirical evidence that an increase in income inequality may lead to higher prices for art, in line with the results of a numerical simulation analysis. Finally, the results of Johansen cointegration tests strongly suggest the existence of a long-term relation between top incomes and art prices.
Number of Pages in PDF File: 41 working papers seriesDate posted: November 17, 2009Suggested CitationContact Information
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