Journal ArticleDOI
An analysis of the price dynamics between the Turkish and the international paintings markets
Erdal Atukeren,Aylin Seçkin +1 more
TLDR
In this paper, the authors examined the dynamics of the relationships between the prices in Turkish paintings auctions and international art markets during 1990-2005 using cointegration and Granger-causality tests.Abstract:
We examine the dynamics of the relationships between the prices in Turkish paintings auctions and international art markets during 1990–2005 using cointegration and Granger-causality tests. We also estimate the Capital Asset Pricing Model (CAPM) relationship between the Turkish and the global paintings markets. In our investigations, we employ a hedonic price index based on 1030 paintings by 13 Turkish painters and the global paintings market index as calculated by Artprice©. We find that the prices in the Turkish paintings market move in line with the international art markets in the long term. As expected, the direction of causality runs unilaterally from the international paintings market to the Turkish paintings market. The CAPM beta values were found to be unstable over time and not statistically significant at conventional levels. Hence, international art investors might be able to benefit from the higher returns in the Turkish paintings market while diversifying their art portfolios, especially in ...read more
Citations
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Art as an investment: short and long-term comovements in major painting markets
TL;DR: In this paper, the authors examined the short and long-term price linkages among major art and equity markets over the period 1976-2001 and found that there is a stationary long-run relationship and significant short-and long run causal linkages between the various painting markets and between the equity market and painting markets.
Journal ArticleDOI
The Efficiency of the Art Market: Evidence from Variance Ratio Tests, Linear and Nonlinear Fractional Integration Approaches
TL;DR: In this article, the weak-form efficiency hypothesis for the art market is investigated and the authors employ both standard and non-parametric single and joint variance ratio tests while accounting for small sample bias through the use of the wild bootstrapping.
Journal ArticleDOI
Testing for bubbles in the art markets: An empirical investigation☆
TL;DR: In this paper, the authors apply a battery of tests to detect explosive behavior in the art markets from 1998 to 2015, and find that the market has been going through some adjustment after the 2008 financial crisis and becoming more sensitive to economic and geopolitical events, with the artworks demonstrating a level of maturity similar to other alternative investment classes.
Journal ArticleDOI
Dynamic price dependence of Canadian and international art markets: an empirical analysis
Douglas J. Hodgson,Aylin Seckin +1 more
TL;DR: In this paper, the authors investigated the presence and nature of such time series dependence econometrically, both in terms of long-term trends as reflected in the cointegrating relationship between Canadian and the international market, and in short-run co-movements as represented in correlations.
Journal ArticleDOI
Sculpture as an alternative investment : an analysis of price dynamics between sculpture and equity and bond markets
TL;DR: In this paper, the authors analyzed the relationship between the international sculpture market and traditional financial investments during the 1985-2011 period and found that sculpture prices are Granger-caused by gross domestic product per capita.
References
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