Art as an Investment: The Market for Modern Prints
Repeat sales of modern prints at auction are used to estimate a semiannual index of prices for the period 1977-1992. 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 fo...
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| Veröffentlicht in: | The American economic review 1993-12, Vol.83 (5), p.1075-1089 |
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| container_title | The American economic review |
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| creator | Pesando, James E. |
| description | Repeat sales of modern prints at auction are used to estimate a semiannual index of prices for the period 1977-1992. 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. |
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| identifier | ISSN: 0002-8282 |
| ispartof | The American economic review, 1993-12, Vol.83 (5), p.1075-1089 |
| issn | 0002-8282 1944-7981 |
| language | eng |
| recordid | cdi_proquest_journals_233030606 |
| source | Jstor Complete Legacy; Periodicals Index Online; EBSCOhost Business Source Complete |
| subjects | Art dealing Art markets Auctions Economic theory Economics Financial assets Financial investments Financial portfolios Investment policy Investments Market prices Masterpieces Price indexes Price indices Prices Printing Prints and printmaking Statistical analysis Statistical significance Stock exchanges |
| title | Art as an Investment: The Market for Modern Prints |
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