During World War II, artworks significantly outperformed all alternative investments in Occupied France. With the surge in demand for portable and easy-to-hide (discreet) assets such as artworks and collectible stamps, prices boomed. This suggests that discreet assets may be viewed as...

Since the growth of the art market into a capitalized global art industry, public and academic discourse on art auctions has been dominated by record prices. Despite the financial potential of art auctions as well as the public and academic interest in art, understanding of auction prices is...

Recently, the art market has proposed the trading of NFTs. We focus on these research questions: a) does the increase in the value of cryptocurrencies affect the value of NTFs; b) does the interest of public opinion influence the value of NFTs. We apply causality and spill-over analyses to...

Digital art uses digital technology as part of the creative process or exhibition presentation. Crypto art is linked to blockchain technology and concerns certified digital artworks. Valuation profiles take their cues from the metrics traditionally used for copyright (royalty monetization or...

The 2008 economic crisis has greatly affected how people are choosing to invest their money. Many investors have been more cautious of investment opportunities and the risks they impose, which has led to an increased interest in alternative investments. People are starting to look beyond the...

Research background: The dynamics of the art market are usually presented in terms of price fluctuations, price indexes and financial returns. This paper proposes the value and volume approach, which has not been considered in an aggregative way for a long time in the economic literature.Purpose...

How does an artist's death impact on the price of his or her works of art? We investigate this question in an infinite-horizon dynamic general equilibrium setting. Employing the open-loop Stackelberg equilibrium concept to describe the interactive behaviour of collectors and artists, we find...

Artists have always loved to hate the art market. They want to sell their work, but only on their own terms. Unfortunately, they usually lack the means to explain what they want and why they want it. But in 1971, two associates of a self-styled “Art Workers Coalition,” Seth Siegelaub and...

The determination of a work of art as authentic (or not) makes a tremendous difference in the value of a work of art. Owing to the millions of dollars which can be added, or subtracted, to a work of art when an authentication opinion is made, lawsuits will often be the last resort of those...

Focusing on the art market, where auction houses act as brokers between art sellers and buyers, we investigate whether more experienced brokers achieve better performance as information providers. We use a unique data set of auctions of Italian paintings in various houses around the world, and...

Alternative investments are very popular among investors in the period of economic downturn. During the last period of time, the art market, especially the market of painting has became very popular segment of alternative investments. The extension of the investment portfolio of works of art...

Aggregate art price patterns mask a lot of underlying variation--both in the time series and in the cross- section. We argue that, to increase our understanding of the market for aesthetics, it is helpful to take a micro perspective on the formation of art prices, and acknowledge that each...

We analyze the price of paintings in Dutch inventories and auctions of the Golden Age. The econometric investigation emphasizes correlations between prices adjusted for inflation and characteristics of the paintings, of the painters, of the owners (job, religion, size of the house) and, in case...

This paper uses information cascades theory to analyze the art market. It focus on the art stars, explaining the phenomenon that in the art market a small fraction of artists accounts for most of the trade and dominate the financial activity. We analyze fine art auction data. In particular, we...

Today's contemporary art world has to come to terms with a highly unstable socioeconomic context that is evolving rapidly and constantly, with the result that any analysis to establish the state of the demand and supply of artistic goods and services in a global scenario is quite complex. The...

We study the XVII century market for figurative paintings in Italy, analyzing original contracts between patrons and artists: this is one of the first manufacturing markets for which econometric evidence of the basic laws of economics can be found. Size of paintings, expected quality, type of...

For centuries, wealthy individuals and institutions have collected and consumed art for aesthetic pleasure. While anecdotal evidence suggests that some artworks have appreciated in value over time, few studies have documented investment returns in art systematically. In this article, we...

This paper highlights the paradoxical effects of increased price data in markets with difficult-to-value products where non-price factors are highly relevant. In the fine art market, the growth of market information providers facilitated access to auction price data, beneficial in a market noted...

This paper investigates the validity of Islamic Art as an investment product. We examine the current and future market potential, as well as, performing a hedonic regression analysis on London auction sales from 1998 to 2007. The main findings of the research are; Islamic art returns out...

The history of art is replete with examples of artists who have broken from existing conventions and genres, redefining the meaning of art and its function in society. Our interest is in emerging forms of art that trespass - occupy space, place, and time as part of their aesthetic identity....

High market values and the recognition of its investment potential make art a potential source of collateral for loans. Recently, firms specializing in art lending have emerged to serve this market. This study explores the effect of regional variations in economic and financial conditions on...

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...

An anti-foreign and anti-Christian uprising began in northern China in 1899, dubbed the “Boxer Rebellion” by the foreign powers that subsequently invaded China. In the courseof events, troops of the Eight-Nation Alliance began to arrive in Beijing in August 1900 and occupied the city. During...

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...

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...

A survey of art history textbooks identifies and ranks the eight most important works of the 20th century. The most important painting of the century was Les Demoiselles d'Avignon, executed by Picasso at the age of 26, which began the development of Cubism. Among the other seven works, a...

We analyze the guarantees that art-auction houses offer from an options viewpoint. This approach allows us to derive analytical expressions to value the positions involved in such arrangements. We further validate these formulas with a Monte Carlo simulation applied to a realistic example....