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...

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....

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 two reasons for export prices to be different across markets - namely, quality differentiation and variable markups - and attempt to parse their relative importance and some of their underlying drivers. To overcome the substantial measurement issues in this task, we consider a...

This paper applies the Johansen Cointegration procedure to test the law of one price (LOOP) for twelve international markets of paintings using semi-annual data for the period 1985-2007. Cointegration test is performed in a pairwise arrangement. Price index for each market is estimated using the...

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...

"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...

"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...

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...