Art and Money
Copyright policy )Art and Money
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.
- Yale University United States
- University of New Haven United States
- HEC Paris France
- European Corporate Governance Institute Belgium
- National Bureau of Economic Research United States
[SHS.GESTION.FIN] Humanities and Social Sciences/Business administration/domain_shs.gestion.fin, Cointegration, SDG 10 - Reduced Inequalities, Equities, Long-term returns, Art investments, Art investments, Cointegration, Comovement, Equities, Income inequality, Long-term returns, Z11, Art market; Equities; Income inequality; Cointegration; Comovement, Art market, SDG 1 - No Poverty, G1, Comovement, Income inequality, D31, Art market;Equities;Income inequality;Cointegration;Comovement, D44, jel: jel:Z11, jel: jel:D44, jel: jel:D31, jel: jel:G1
[SHS.GESTION.FIN] Humanities and Social Sciences/Business administration/domain_shs.gestion.fin, Cointegration, SDG 10 - Reduced Inequalities, Equities, Long-term returns, Art investments, Art investments, Cointegration, Comovement, Equities, Income inequality, Long-term returns, Z11, Art market; Equities; Income inequality; Cointegration; Comovement, Art market, SDG 1 - No Poverty, G1, Comovement, Income inequality, D31, Art market;Equities;Income inequality;Cointegration;Comovement, D44, jel: jel:Z11, jel: jel:D44, jel: jel:D31, jel: jel:G1
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