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Journal Articles American Economic Review Year : 2011

Art and Money

Abstract

This paper investigates the impact of equity markets and top incomes on art prices. Using a newly constructed art market index, we demonstrate that equity market returns have had a significant impact on the price level in the art market over the last two centuries. We also find evidence that an increase in income inequality may lead to higher prices for art. Finally, the results of Johansen's cointegration tests strongly suggest the existence of a long-run relation between top incomes and art prices.

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Dates and versions

hal-00623450 , version 1 (14-09-2011)

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William N. Goetzmann, Luc Renneboog, Christophe Spaenjers. Art and Money. American Economic Review, 2011, 101 (3), pp.222-226. ⟨10.1257/aer.101.3.222⟩. ⟨hal-00623450⟩

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