Many attempts have been made to estimate market characteristics from options prices, none more well known than the Black Scholes model. Yet, no options pricing model is without significant criticism. And none are consistent with the characteristics of the market discussed in this paper. Prior to...

The art market has seen boom and bust during the last years and, despite the downturn, has received more attention from investors given the low interest environment following the financial crisis. However, participation has been reserved for a few investors and the hedging of exposures remains...