Sentiment and Art Prices

9 Pages Posted: 26 Feb 2020

See all articles by Julien Penasse

Julien Penasse

University of Luxembourg

Luc Renneboog

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

Christophe Spaenjers

HEC Paris - Finance Department

Date Written: January 10, 2014

Abstract

We hypothesize the existence of a slow-moving fad component in art prices. Using unique panel survey data on art market participants’ confidence levels in the outlook for a set of artists, we find that sentiment indeed predicts short-term returns.

Keywords: art; return predictability; sentiment; fads

JEL Classification: G02; G11; Z11

Suggested Citation

Penasse, Julien and Renneboog, Luc and Spaenjers, Christophe, Sentiment and Art Prices (January 10, 2014). Economics Letters, Vol. 122, No. 3, 2014, Available at SSRN: https://ssrn.com/abstract=2377401

Julien Penasse

University of Luxembourg ( email )

4 Rue Albert Borschette
Luxembourg, L-1246
Luxembourg

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 the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

Tilburg Law and Economics Center (TILEC)

Warandelaan 2
Tilburg, 5000 LE
Netherlands

Christophe Spaenjers (Contact Author)

HEC Paris - Finance Department ( email )

1 rue de la Liberation
Jouy-en-Josas Cedex, 78351
France

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