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THE AUCTION MARKET FOR MODERN PRINTS: CONFIRMATIONS, CONTRADICTIONS, AND NEW PUZZLES.
- Source :
- Economic Inquiry; Apr2008, Vol. 46 Issue 2, p149-159, 11p, 4 Charts, 1 Graph
- Publication Year :
- 2008
-
Abstract
- 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 art outperform the market as a whole; and the differences in returns that arise due to random fluctuations in collector tastes. ( JEL Z11, G11, G14) [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 00952583
- Volume :
- 46
- Issue :
- 2
- Database :
- Complementary Index
- Journal :
- Economic Inquiry
- Publication Type :
- Academic Journal
- Accession number :
- 31625309
- Full Text :
- https://doi.org/10.1111/j.1465-7295.2007.00070.x