The DOI matches its Crossref record; 28 of the 28 references it cites were found in a registry or an index.
Art as an Investment and the Underperformance of Masterpieces
Open accessAbstract
This paper constructs a new data set of repeated sales of artworks and estimates an annual index of art prices for the period 1875-2000. Contrary to earlier studies, we find art outperforms fixed income securities as an investment, though it significantly under-performs stocks in the US. Art is also found to have lower volatility and lower correlation with other assets, making it more attractive for portfolio diversification than discovered in earlier research. There is strong evidence of underperformance of masterpieces, meaning expensive paintings tend to under-perform the art market index. The evidence is mixed on whether the "law of one price" holds in the New York auction market.
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Cites
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The Variation of Economic Risk Premiums
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Cited by
Anchoring Effects: Evidence from Art Auctions
Beggs, A., & Graddy, K. (2009) · American Economic Review · doi:10.1257/aer.99.3.1027 · Cited by 294
Price determinants of non-fungible tokens in the digital art market
Horky, F., Rachel, C., & Fidrmuc, J. (2022) · Finance Research Letters · doi:10.1016/j.frl.2022.103007 · Cited by 104
Non-fungible tokens (NFTs): A review of pricing determinants, applications and opportunities
Kräussl, R., & Tugnetti, A. (2024) · Journal of Economic Surveys · doi:10.1111/joes.12597 · Cited by 96
Pitt, C. S., Bal, A. S., & Plangger, K. (2020) · European Journal of Marketing · doi:10.1108/ejm-01-2019-0083 · Cited by 47
Non-fungible token artworks: More crypto than art?
Anselmi, G., & Petrella, G. (2023) · Finance Research Letters · doi:10.1016/j.frl.2022.103473 · Cited by 35
Metadata
- Authors
- Mei, J., & Moses, M.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2002-11-01
- Volume
- 92
- Issue
- 5
- Pages
- 1656-1668
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3123292495
- Cited by
- 538
- References
- 28
- FWCI
- 74.83
- Type
- journal article
- Language
- en
- Open access
- green
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Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
