Investment Returns and Economic Fundamentals in International Art Markets

Research, Preprint English OPEN
Renneboog, L.D.R.; Spaenjers, C.;
  • Publisher: Finance
  • Subject: hedonic regression | art markets | Economics of art; art markets; home bias; geographical market segmentation; art auctions; hedonic regression | art auctions | geographical market segmentation | G15 - International Financial Markets | home bias | Economics of art | Economics of art;art markets;home bias;geographical market segmentation;art auctions;hedonic regression | Z11 - Economics of the Arts and Literature
    • jel: jel:G15 | jel:Z11

Abstract: Works of art are neither easily tradable across borders, nor evaluated according to globally identical standards. We examine geographical segmentation and its effects on price formation and returns in the international art auction market. We find (i) a close c... View more
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