Locatelli-Biey, Marilena; Zanola, Roberto - Institute of Public Policy and Public Choice - POLIS - 2000
This paper analyses the performance of an investment in sculptures during the period 1987-1995 by applying the hedonic price technique with time dummy variables to a sample of over 27,000 sales occured at auctions. The main finding is that the trend of the rate of return on an investment in...