Goetzmann, William N.; Renneboog, Luc; Spaenjers, Christophe - In: American Economic Review 101 (2011) 3, pp. 222-26
This paper investigates the impact of equity markets and top incomes on art prices. Using a newly constructed art market index, we demonstrate that equity market returns have had a significant impact on the price level in the art market over the last two centuries. We also find evidence that an...