Renneboog, Luc; Penasse, J.N.G. - Tilburg University, Center for Economic Research - 2014
The art market is subject to frequent booms and busts in both prices and volume,<br/>which are difficult to reconcile with models where agents are rational and<br/>hold homogenous beliefs. This paper shows that (i) volume is mainly driven by<br/>speculative transactions; (ii) positive price-volume correlation...