The Auction Market for Modern Prints: Confirmations, Contradictions, and New Puzzles

@inproceedings{Pesando2008TheAM,
  title={The Auction Market for Modern Prints: Confirmations, Contradictions, and New Puzzles},
  author={James E. Pesando and Pauline M. Shum},
  year={2008}
}
"Using a large data set with 80,214 repeat sales, we find that the real return on a diversified portfolio of modern prints sold at auctions worldwide averaged a modest 1.51% during the period 1977-2004. We address several issues regarding the performance of modern prints as investments: the selection bias arising from the self-interest of auction houses; the impact of an ever-expanding universe of auction houses on investment returns; the "masterpiece" effect, or whether more expensive works of… CONTINUE READING