Goetzmann, William; Renneboog, Luc; Spaenjers, Christophe - National Bureau of Economic Research (NBER) - 2009
This paper investigates the impact of equity markets and top incomes on art prices. Using a long-term art market index … equity market returns have a significant impact on the price level in the art market. Over a shorter time frame, we also find … empirical evidence that an increase in income inequality may lead to higher prices for art, in line with the results of a …