Measuring the psychic return of art investments is a debated issue in Cultural economics. Several works suggest Jensen's alpha as a measure of the psychic return. Since the Jensen's alpha is defined in the CAPM framework, its uncritical application as a measure of the psychic return may be...

In this paper I use a large data set to analyze two aspects of the Latin American arts: (1) the nature of artistic creative process, and (2) Latin American art as an investment. I use data on auctions to understand the relation between artists' age and the value of their work. The analysis on...