PRICES AND RETURNS ON PAINTINGS - AN EXERCISE ON HOW TO PRICE THE PRICELESS

Authors
CHANEL O GERARDVARET LA GINSBURGH V
Citation
O. Chanel et al., PRICES AND RETURNS ON PAINTINGS - AN EXERCISE ON HOW TO PRICE THE PRICELESS, Geneva papers on risk and insurance. Theory, 19(1), 1994, pp. 7-21
Citations number
28
Categorie Soggetti
Business Finance",Economics
Journal title
Geneva papers on risk and insurance. Theory → ACNP
ISSN journal
09264957
Volume
19
Issue
1
Year of publication
1994
Pages
7 - 21
Database
ISI
SICI code
0926-4957(1994)19:1<7:PAROP->2.0.ZU;2-Q
Abstract
Art is priceless, but paintings, and other objects, have been sold on markets since the time of the Roman Empire. In this paper, we describe a method for constructing a price index for paintings and compare thi s index to the indices of various financial markets. In particular, we discuss whether the price of art is related to financial markets, whe ther the art market is weakly efficient, and whether it is more or les s risky than financial markets.