returns for unique, infrequently traded assets such as houses, art, and musical instruments which are likely to be prone to … exhibit serial correlation in returns. We demonstrate our methodology on a dataset of art prices and on a dataset of real …

The failure of many paintings to sell in art auctions indicates the presence of reserve prices set by sellers. This … paper examines the relationship between sale rates and price surprises over time in art auctions. Using data on contemporary … and impressionist art, we show that while sale rates appear to have little relationship to current prices, there exists a …

Roger de Piles (1635-1709) was a French art critic who decomposed the style and ability of each artist into areas of … artists that he rated achieved comparable returns to other art indices. …

a royalty based on the resale price of an original work of art. This paper provides an empirical analysis of actual … changes in the UK auction market for art that is subject to the Droit de Suite (DDS), relative to changes for art not subject … to the DDS, and also relative to changes in the auction markets for art in countries where there has been no change in …

This Paper contains a review of the burgeoning research that has been designed to shed light on how the art auction … system actually works and what it indicates about price formation. First, we find that in recent years returns on art assets … correlation between art asset returns with other returns, there may be a case for the inclusion of art assets in a diversified …

This paper tests for reference dependence, using data from Impressionist and Contemporary Art auctions. We distinguish …