Buying Beauty: On Prices and Returns in the Art Market
Buying Beauty: On Prices and Returns in the Art Market
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购买美丽：论艺术市场的价格和回报
DOI：
10.2139/ssrn.1352363
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发表时间：
2012
期刊：
影响因子：
--
通讯作者：
C. Spaenjers
中科院分区：
文献类型：
--
作者：
L. Renneboog;C. Spaenjers
本文考察了艺术品的价格决定因素和投资绩效。我们将特征回归分析应用于一个新的数据集，该数据集包含100多万笔画作和纸质作品的拍卖交易。根据由此产生的价格指数，我们得出结论，在1957年至2007年期间，按实际美元计算，艺术品的价值每年适度升值3.97%。这是一种类似于公司债券的表现-风险要高得多。对部分数据的重复销售回归证明了我们的指数的健壮性。其次，分位数回归表明，在更昂贵的价格区间，平均价格升值幅度更大，波动性更大。我们还发现，历史收益在不同的媒介和运动中存在差异。最后，我们发现，衡量高收入消费者信心和艺术品市场情绪的指标可以预测艺术品价格趋势。
这篇论文被金融部的熊伟接受了。
This paper investigates the price determinants and investment performance of art. We apply a hedonic regression analysis to a new data set of more than one million auction transactions of paintings and works on paper. Based on the resulting price index, we conclude that art has appreciated in value by a moderate 3.97% per year, in real U.S. dollar terms, between 1957 and 2007. This is a performance similar to that of corporate bonds---at much higher risk. A repeat-sales regression on a subset of the data demonstrates the robustness of our index. Next, quantile regressions document larger average price appreciations and higher volatilities in more expensive price brackets. We also find variation in historical returns across mediums and movements. Finally, we show that measures of high-income consumer confidence and art market sentiment predict art price trends.
This paper was accepted by Wei Xiong, finance.
影响因子：
8.2
作者：
ROSEN, S
通讯作者：
ROSEN, S