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Renneboog, Luc - 2020

Motivated by the fast growth of personal wealth in emerging economies like Russia, we investigate the investment performance of modern Russian art. A hedonic analysis of more than 50,000 art transactions results in a geometric average return of 3.97%, in real USD terms, between 1967 and 2007....

Persistent link: https://www.econbiz.de/10012857626

Art as an alternative asset class : risk and return characteristics of the Middle Eastern & Northern African art markets

Kräussl, Roman - 2014

This chapter analyzes the risk and return characteristics of investments in artists from the Middle East and Northern Africa (MENA) region over the sample period 2000 to 2012. With hedonic regression modeling we create an annual index that is based on 3,544 paintings created by 663 MENA artists....

Persistent link: https://www.econbiz.de/10010427976

The validity of hedonic models for estimating heterogeneous assets returns

Kräussl, Roman; Lehnert, Thorsten; Nasser Eddine, Ali - 2019

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...

Persistent link: https://www.econbiz.de/10012064421

The Investment Performance of Art and Other Collectibles

Dimson, Elroy - 2016

are associated with such investments. Over the period 1900-2012, art, stamps, and musical instruments (violins) have …

Persistent link: https://www.econbiz.de/10013007222

Financial Returns to Collecting Rare Political Economy Books

Ursprung, Heinrich W. - 2021

Rare books of political economy are eminently collectable. Using historical prices, I employ hedonic regressions to estimate financial returns to collecting the works of ten eminent political economists and develop a price index for this corpus of collectables. For the observation period...

Persistent link: https://www.econbiz.de/10013244239

Chapter 26 Art Auctions

Ashenfelter, Orley; Graddy, Kathryn - In: Handbook of the economics of art and culture : volume 1, (pp. 909-945). 2006

This paper contains a new review of the research of the last decade that has been designed to shed light on how the art auction system works, what it indicates about price formation, and how well it performs. We begin with a short description of the mechanics of the auction system and then...

Persistent link: https://www.econbiz.de/10014023803

Investment in Art - Specificity, Risks, and Rates of Return

Bialynicka-Birula, Joanna - 2021

), kinds of values, incomes, time horizon of investment, market indexes used for art market and stock exchange indexes. The …

Persistent link: https://www.econbiz.de/10013229545

Does it pay to invest in art? : a selection-corrected returns perspective

Korteweg, Arthur; Kräussl, Roman; Verwijmeren, Patrick - 2013

This paper shows the importance of correcting for sample selection when investing in illiquid assets with endogenous trading. Using a large sample of 20,538 paintings that were sold repeatedly at auction between 1972 and 2010, we find that paintings with higher price appreciation are more likely...

Persistent link: https://www.econbiz.de/10010201316

Ex Post : The Investment Performance of Collectible Stamps

Dimson, Elroy - 2016

This paper uses stamp catalogue prices to investigate the returns on British collectible postage stamps over the period … 1900–2008. We find an annualized return on stamps of 7.0% in nominal terms, or 2.9% in real terms. These returns are higher … are impacted by movements in the equity market, but the systematic risk of stamps remains low. Stamps partially hedge …

Persistent link: https://www.econbiz.de/10013009195

Monthly Art Market Returns

Bocart, Fabian - 2020

We provide an innovative methodological contribution to the measurement of returns on infrequently traded assets using a novel approach to repeat-sales regression estimation. The model for price indices we propose allows for correlation with other markets, typically with higher liquidity and...

Persistent link: https://www.econbiz.de/10012853342