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....

Financial economists have long been interested in asset price uncertainty. Yet, causal estimates of price uncertainty are sparse. The art market, valued at $64 billion in 2019 and growing in financial importance, provides an opportunity to fill this gap. Specifically, this study examines the...

This study examines the risk and return characteristics of the NFT-based startups listed on the cryptocurrency exchange. Our investigation is motivated by the recent surge in the NFT activity on the part of creators, investors, and traders. We begin by proposing novel classification of the...

This chapter studies how and why artistic labor markets have expanded along a path of unbalanced growth. Long-term employment which nurtures the Baumolian cost disease persists only in large, heavily subsidized and sponsored organizations. The now dominant project-based system of production,...

The paper presents art as a special object of investment. The features of works of art and art market are presented in comparison with characteristics of securities and stock exchange market. The author takes into account the following criteria: commodity features, ownership characteristic,...

The purpose of this study is to test whether the size of the pre-sale price estimate range affects art auction prices and, if so, in what direction. We find that auction house art experts' relative estimate range positively affects realized prices. The effect is robust across the mid- low- and...

We consider the optimal asset allocation choice of an investor who can invest in <p> cash (a money market bank account), nominal bonds, and stocks (the stock index). <p> The investor faces an incomplete market setting and is not able to perfectly hedge <p> long run real interest rate risk using the...</p></p></p>