Narrow search
Showing 1 - 10 of 31,442
Cover Image
Is there a bubble in the art market?
Kräussl, Roman; Lehnert, Thorsten; Martelin, Nicolas - Center for Financial Studies - 2014
The record-breaking prices observed in the art market over the last three years raise the question of whether we are experiencing a speculative bubble. Given the difficulty to determine the fundamental value of artworks, we apply a right-tailed unit root test with forward recursive regressions...
Persistent link: https://www.econbiz.de/10011076251
Cover Image
Hard Assets : The Returns on Rare Diamonds and Gems
Renneboog, Luc; Spaenjers, C. - Tilburg University, Center for Economic Research - 2011
This paper 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. Between 1999 and 2010, the annualized real USD returns for white and colored diamonds equaled 6.4% and 2.9%,...
Persistent link: https://www.econbiz.de/10011091097
Cover Image
The Returns on Investment Grade Diamonds
Renneboog, Luc - Tilburg University, Center for Economic Research - 2013
Abstract: This paper examines the risk-return characteristics of investment grade gems (white diamonds, colored diamonds and other types of gems including sapphires, rubies, and emeralds). The transactions are coming from gem auctions and span the period 1999-2012. Over our time frame, the...
Persistent link: https://www.econbiz.de/10011091121
Cover Image
Is there a Bubble in the Art Market?
Kräussl, Roman; Lehnert, Thorsten; Martelin, Nicolas - Luxembourg School of Finance, Faculté de droit, … - 2014
The record-breaking prices observed in the art market for the last three years have rais the question of whether we are experiencing a speculative bubble. Given the difficulty to determine the fundamental value of artworks, we apply a right-tailed unit root test with forward recursive...
Persistent link: https://www.econbiz.de/10011095081
Cover Image
Hard assets: The returns on rare diamonds and gems
Renneboog, Luc; Spaenjers, Christophe - In: Finance Research Letters 9 (2012) 4, pp. 220-230
-induced demand for luxury consumption in collectibles markets. …
Persistent link: https://www.econbiz.de/10010595307
Cover Image
The Price of Wine
Dimson, Elroy; Rousseau, Peter L.; Spaenjers, Christophe - HEC Paris (École des Hautes Études Commerciales) - 2013
government bonds, art, and stamps. Wine and equity returns are positively correlated. …
Persistent link: https://www.econbiz.de/10010832968
Cover Image
Ex-Post : The Investment Performance of Collectible Stamps
Dimson, E.; Spaenjers, C. - Tilburg University, Center for Economic Research - 2009
This paper investigates the returns on British collectible postage stamps over the very long run, based on stamp … catalogue prices. Between 1900 and 2008, we find an annualized return on stamps of 6.7% in nominal terms, which is equivalent to … a financial investment, stamps have outperformed bonds, but underperformed stocks. After unsmoothing the returns on …
Persistent link: https://www.econbiz.de/10011091360
Cover Image
Unique Durable Assets
Lovo, Stefano; Spaenjers, Christophe - HEC Paris (École des Hautes Études Commerciales) - 2014
This paper presents a model of trading in unique durable assets that provide idiosyncratic payoffs, such as art, luxury real estate, and firm subsidiaries. Agents make purchase and sale decisions in an auction market based on their private use value of the asset and on the expected resale...
Persistent link: https://www.econbiz.de/10011147699
Cover Image
The Late 1970's Bubble in Dutch Collectible Postage Stamps
Franses, Philip Hans; Knecht, Knecht, W. - Faculteit der Economische Wetenschappen, Erasmus … - 2012
in the mid 1980’s. We analyze 500 individual stamps prices (instead of a single index) to examine if the bubble could … stamps mediated the bubble and the price landing afterwards. Scarcity and initial price levels seem to have predictive value …
Persistent link: https://www.econbiz.de/10010837966
Cover Image
Bubbles and Trading Frenzies : Evidence from the Art Market
Renneboog, Luc; Penasse, J.N.G. - Tilburg University, Center for Economic Research - 2014
The art market is subject to frequent booms and busts in both prices and volume,<br/>which are difficult to reconcile with models where agents are rational and<br/>hold homogenous beliefs. This paper shows that (i) volume is mainly driven by<br/>speculative transactions; (ii) positive price-volume correlation...
Persistent link: https://www.econbiz.de/10011144431