Art and Money

@article{Goetzmann2009ArtAM,
  title={Art and Money},
  author={William N. Goetzmann and Luc Renneboog and Christophe Spaenjers},
  journal={Capital Markets: Asset Pricing \& Valuation eJournal},
  year={2009}
}
This paper investigates the impact of equity markets and top incomes on art prices. Using a long-term art market index that incorporates information on repeated sales since the eighteenth century, we demonstrate that both same-year and lagged equity market returns have a significant impact on the price level in the art market. Over a shorter time frame, we also find empirical evidence that an increase in income inequality may lead to higher prices for art, in line with the results of a… 

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