In his essay on imitation in the arts, Adam Smith considers that the exact copy of an artwork always deserves less merit than the original. But the hierarchy between copies and originals has changed over time. So has the perception of copies by lawyers, philosophers, art historians and curators....

The record-breaking prices observed in the art market over the last three years raise the question of whether we are experiencing a speculative bubble. Given the difficulty to determine the fundamental value of artworks, we apply a right-tailed unit root test with forward recursive regressions...

We analyze the evolution of the price of paintings in the XVII century Amsterdam art market to test a hypothesis of endogenous entry: higher profitability should attract more entry of painters, which in turn should lead to artistic innovations and more intense competition. We build a price index...

The article aims at answering the following research question: is the Polish art market mature enough to look at art investment as an important element of portfolio diversification? To provide an answer, the Authors analyzed auctions in Poland from the period 1991-2010, which were published by...

Statistical methods are widely used for valuation (prediction of the value at sale or auction) of a unique object such as a work of art. The usual approach is estimation of a hedonic model for objects of a given class, such as paintings from a particular school or period, or in the context of...

We analyze the Paris art market between the government-controlled Salon as a centralized organization of art exhibition and the system liberalized by the Republican government based on competition between independent exhibitions. The jury of the old Salon decided on submissions with a bias...

We study return rates on art investment using a complete dataset on repeated sales for Old Master Paintings, Modern art and Contemporary art auctioned worldwide at Christie's and Sotheby's from 2000 to 2018. We show that return rates do not depend systematically on past prices or the place of...

Due to the constantly growing interest in alternative investments, the art market has become the subject of numerous studies. By publishing sales data, many services and auction houses provide a foundation for further research on the latest trends. Determining the definition of the artistic...

In this paper, we examine the validity of hedonic models for estimating heterogeneous assets returns. We look into the art markets, and show that the returns on hedonic indices strictly depend on the specifications of the model. Different sets of variables lead to different returns. This means...