In his essay on imitation in the arts, Adam Smith considers that the exact copy of an artwork always deserves less merit than the original. But the hierarchy between copies and originals has changed over time. So has the perception of copies by lawyers, philosophers, art historians and curators....

In hedonic regression models of the valuation of works of art, the age or period at which an artist produces a particular work is often found to have highly significant predictive value. Most existing results are based on regressions that pool many painters. Although the uniqueness of artists'...

Due to the constantly growing interest in alternative investments, the art market has become the subject of numerous studies. By publishing sales data, many services and auction houses provide a foundation for further research on the latest trends. Determining the definition of the artistic...

This note examines the investment performance of diamonds and other gems (sapphires, rubies, and emeralds) over the period 1999–2010, using a novel data set of auction transactions. Over our time frame, the annualized real USD returns for white and colored diamonds equaled 6.4% and 2.9%,...

As the global financial crisis hit the world-wide stock markets, investors looked for alternative investments to diversify their portfolios. One of the more attractive alternate investment opportunities has been investment in art. However, in order to consider artworks as investment assets, the...

This paper analyzes whether hosting the most prestigious European cultural event, the European Capital of Culture, has an impact on regional economic development or the life satisfaction of the local population. Concerning the economic impact, we show that European Capitals are hosted in regions...

Crowd-funded markets have recently emerged as a novel source of capital for entrepreneurs. As the economic potential of these markets is now being realized, they are beginning to go mainstream, a trend reflected by the explicit attention crowdfunding has received in the American Jobs Act as a...

We examine how international variation in corporate future-oriented behavior, such as corporate social responsibility (CSR) and research and development (R&D) investment, could partially stem from characteristics of the languages spoken at firms. We develop a future-time framing perspective...

Using historical price records for Bordeaux Premiers Crus, we examine the impact of aging on wine prices and the long-term investment performance of fine wine. In line with the predictions of an illustrative model, young maturing wines from high-quality vintages provide the highest financial...