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| Titel |
Buying beauty : on prices and returns in the art market |
| Auteur |
L. Renneboog, Chr. Spaenjers |
| Plaats van uitgave |
Tilburg |
| Uitgever |
Tilburg university |
| Jaar van uitgave |
2009
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| Reeks |
Discussion paper CentER
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15 |
| Annotatie |
65 p. : bijl., tab. - Literatuuropgave: p. 30-32
929 kb
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| Trefwoorden |
kunsthandel, veilingen, verkoop, winst, investeren, economie, markt, prijsbeleid, cultuurgoederen, analyse, statistieken (vorm), papers (vorm) |
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Samenvatting
This paper investigates the evolution of prices and returns in the art market since the middle of the previous century. Authors first compile a comprehensive list of more than 10,000 artists and then build a dataset that contains information on more than 1.1 million auction sales of paintings, prints, and works on paper. We perform an extensive hedonic regression analysis that includes unique price-determining variables capturing amongst others: the artist's reputation, the strength of the attribution to an artist, and the subject matter of the work. Based on the resulting price index, authors conclude that art has appreciated in value by a moderate 4.03% per year, in real USD terms, between 1951 and 2007. During the art market boom period 2002-2007, prices augmented by 11.60% annually, which explains the increased attention to 'art as an investment'. Over the last quarter of a century, prices of oil paintings and of post-war art have risen faster than the overall market. In contrast to earlier studies, they find evidence of a positive masterpiece effect: high-quality art makes a better investment. |
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