Download This PaperArt and Money
Yale ICF Working Paper No. 09-26
TILEC Discussion Paper No. 2010-002
CentER Discussion Paper Series No. 2010-08
34 Pages Posted: 26 Feb 2020 Last revised: 6 May 2010
There are 2 versions of this paper
Art and Money
Art and Money
Date Written: April 28, 2010
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.
Keywords: Art market, Equities, Income inequality, Cointegration, Comovement
JEL Classification: D31, D44, G1, Z11.
Suggested Citation: Suggested Citation
William N. Goetzmann (Contact Author)
Yale School of Management - International Center for Finance ( email )
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