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Art as an investment: The market for modern prints
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TLDR
In this article, the authors used repeat sales of modern prints at auction to estimate a semiannual index of prices for the period 1977-92, and found that artists command higher prices in certain countries or that masterpieces outperform the market.Abstract:
Repeat sales of modern prints at auction are used to estimate a semiannual index of prices for the period 1977-92. As in other studies of art as an investment, prints do not compare favorably to traditional financial assets. There is substantial noise in auction prices but little or no support for the proposition that some artists command higher prices in certain countries or that masterpieces outperform the market. One puzzle is the continuing tendency for prices realized at certain auction houses to exceed those realized at others: notably, at Sotheby's relative to Christie's in New York. Copyright 1993 by American Economic Association.read more
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Art as an Investment and the Underperformance of Masterpieces
Jiangping Mei,Michael J. Moses +1 more
TL;DR: In this paper, the authors construct a new data set of repeated sales of artworks and estimate an annual index of art prices for the period 1875-2000, and find that art outperforms fixed income securities as an investment, though it significantly underperforms stocks in the US.
Journal ArticleDOI
Art as an Investment and the Underperformance of Masterpieces
Jiangping Mei,Michael J. Moses +1 more
TL;DR: In this paper, the authors construct a new data set of repeated sales of artworks and estimate an annual index of art prices for the period 1875-2000, and find that art outperforms fixed income securities as an investment, though it significantly underperforms stocks in the US.
Journal ArticleDOI
Auctions and the Price of Art
Orley Ashenfelter,Kathryn Graddy +1 more
TL;DR: A review of the last decade that has been designed to shed light on how the art auction system actually works, what it indicates about price formation, and how well it performs can be found in this paper.
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Fishing Quota Markets
TL;DR: In this paper, the authors used a 15-year panel dataset from New Zealand that covers 33 species and more than 150 markets for fishing quotas to assess trends in market activity, price dispersion, and the fundamentals determining quota prices.
Journal ArticleDOI
Buying Beauty: On Prices and Returns in the Art Market
TL;DR: Xiong et al. as discussed by the authors applied a hedonic regression analysis to a new data set of more than one million auction transactions of paintings and works on paper, and concluded that art has appreciated in value by a moderate 3.97% per year, in real U.S. dollar terms, between 1957 and 2007.
References
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Portfolio Selection: Efficient Diversification of Investments
Alan Stuart,Harry M. Markowitz +1 more
TL;DR: In this article, the authors defined asset classes technology sector stocks will diminish as the construction of the portfolio, and the construction diversification among the, same level of assets, which is right for instance among the assets.
ReportDOI
The Efficiency of the Market for Single-Family Homes
TL;DR: In this article, weak-form efficiency of the market for single family homes is evaluated using data on repeat sales prices of 39,210 individual homes, each for two sales dates.
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The Efficiency of the Market for Single-Family Homes
Karl E. Case,Robert J. Shiller +1 more
TL;DR: In this paper, the efficiency of single family home prices is evaluated using repeat sales prices of 39,210 individual homes in Atlanta, Chicago, Dallas, and San Francisco/Oakland for 1970-86.
Journal ArticleDOI
A Regression Method for Real Estate Price Index Construction
TL;DR: In this paper, the problem of combining price relatives of repeat sales of properties to obtain a price index can be converted into a regression problem, and standard techniques of regression analysis can be used to estimate the index.
Journal ArticleDOI
The Volatility of Long-Term Interest Rates and Expectations Models of the Term Structure
TL;DR: This paper showed that long rates show a tendency to fall when they are high relative to short rates rather than rise as predicted by expectations models, and that the volatility of actual long-term interest rates, as measured by the variance of short-term holding yields on longterm bonds, appears to exceed limits imposed by the models.