exhibit serial correlation in returns. We demonstrate our methodology on a dataset of art prices and on a dataset of real … errors of returns under serial correlation. The repeat sales methodology is generally used to construct an index of prices or … returns for unique, infrequently traded assets such as houses, art, and musical instruments which are likely to be prone to …

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

Roger de Piles (1635-1709) was a French art critic who decomposed the style and ability of each artist into areas of … historically correlated with prices achieved at auction. The effect of de Piles’ drawing characteristic on price has steadily … 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 …

are fairly long periods in which art prices may diverge across geographic areas and even auction houses. Third, we review …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 …

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

This paper presents an empirical study of paintings that have failed to meet their reserve price at auction. In the art …

This paper compares how cash and in-kind transfers affect local prices. Both types of transfers increase the demand for … normal goods, but only in-kind transfers also increase supply. Hence, in-kind transfers should lead to lower prices than cash …

This paper examines the extent to which the destination of exports matters for the input prices paid by firms, using … destinations and find that exporting to richer countries leads firms to charge more for outputs and pay higher prices for inputs …