Journal ArticleDOI
Unnatural Value: Or Art Investment as Floating Crap Game
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In this article, the authors describe art investment as a floating crap game, where art investment is viewed as a game of value maximization, and the objective is to maximize the value of the investment.Abstract:
(1985). Unnatural Value: Or Art Investment as Floating Crap Game. Journal of Arts Management and Law: Vol. 15, No. 3, pp. 47-60.read more
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Accounting for taste: Art and the financial markets over three centuries
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Art as an investment: The market for modern prints
TL;DR: 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.
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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.