We analyze the evolution of the price of paintings in London auctions with a unique dataset of over 200,000 sales in the period 1780-1840. We build a price index for the representative painting through hedonic regressions controlling for the characteristics of auctions and paintings and for the...

"Just as William Goldman, the ultimate screenwriter, took us inside Hollywood, Simon de Pury, the ultimate art player, will take us inside an even more secretive business, whose staggering prices, famous collectors, and high crimes are front page news almost every day. The former Chairman of...

Part I. Creation of sleepers at auction -- Part II. Analysis of the current legal regime in sleeper disputes (Swiss law, English law, United States law) -- Part III. Comparative and critical assessment -- Part IV. Future perspectives: market regulation -- new trading practices

Apesar da recente retração da economia brasileira, o mercado de arte mantém, há alguns anos, sua expansão, tanto no que se refere à produção, quanto ao volume de negócios, bem como pelo crescente interesse do grande público, como mostram os números recentes de visitações de...

A new heteroskedastic hedonic regression model is suggested which takes into account time-varying volatility and is applied to a blue chips art market. A nonparametric local likelihood estimator is proposed, and this is more precise than the often used dummy variables method. The empirical...

This dissertation contains seven chapters. Chapter 1 serves as a general introduction to the risks and returns of collectibles, and is co-authored with Elroy Dimson. Chapter 2 investigates the long-term investment performance of art, and is co-authored with Luc Renneboog. Chapter 3, also written...

"The failure of many paintings to sell in art auctions indicates the presence of reserve prices set by sellers. This paper examines the relationship between sale rates and price surprises over time in art auctions. Using data on contemporary and impressionist art, we show that while sale rates...

Focuses on different regions (including China, Russia, India, and Japan) as well as different institutions and organizations to examine barriers to and effects of globalization on the art market's organizational dynamics and people within the art industry