Renneboog, Luc; Spaenjers, C. - Tilburg University, Center for Economic Research - 2009
This paper investigates the prices and the returns in the market for modern Russian art, a prime example of an … generated high returns. Based on correlations and Granger causality tests, we conclude that the prices for Russian art are … ‘emerging art market’, over the last four decades. After applying a hedonic regression model on an extensive dataset containing …