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 …

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 …

topic concerns how researchers have used auction prices. We begin by discussing the returns to holding art and whether … certain classes of art make a better investment. We then discuss studies that have used auction prices to determine the …This paper contains a new review of the research of the last decade that has been designed to shed light on how the art …