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 increase in income inequality may lead to higher prices for art …

procedure that checks possibility of transaction or submission of a new order to the limit order book, as well as the market …

expected value of an asset at stage q given the information of the uninformed agents. The payoff of the informed agent at stage …

We provide a simple and intuitive measure of interdependence of asset returns and/or volatilities. In particular, we …