PESANDO, JAMES E.; SHUM, PAULINE M. - In: Economic Inquiry 46 (2008) 2, pp. 149-159
"Using a large data set with 80,214 repeat sales, we find that the real return on a diversified portfolio of modern prints sold at auctions worldwide averaged a modest 1.51% during the period 1977-2004. We address several issues regarding the performance of modern prints as investments: the...