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Art as an alternative asset class : risk and return characteristics of the Middle Eastern & Northern African art markets
Kräussl, Roman - 2014
This chapter analyzes the risk and return characteristics of investments in artists from the Middle East and Northern Africa (MENA) region over the sample period 2000 to 2012. With hedonic regression modeling we create an annual index that is based on 3,544 paintings created by 663 MENA artists....
Persistent link: https://www.econbiz.de/10010427976
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The validity of hedonic models for estimating heterogeneous assets returns
Kräussl, Roman; Lehnert, Thorsten; Nasser Eddine, Ali - 2019
In this paper, we examine the validity of hedonic models for estimating heterogeneous assets returns. We look into the art markets, and show that the returns on hedonic indices strictly depend on the specifications of the model. Different sets of variables lead to different returns. This means...
Persistent link: https://www.econbiz.de/10012064421
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Does it pay to invest in art? : a selection-corrected returns perspective
Korteweg, Arthur; Kräussl, Roman; Verwijmeren, Patrick - 2013
This paper shows the importance of correcting for sample selection when investing in illiquid assets with endogenous trading. Using a large sample of 20,538 paintings that were sold repeatedly at auction between 1972 and 2010, we find that paintings with higher price appreciation are more likely...
Persistent link: https://www.econbiz.de/10010201316
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The Returns on Investment Grade Diamonds
Renneboog, Luc - 2013
This paper examines the risk-return characteristics of investment grade gems (white diamonds, colored diamonds and other types of gems including sapphires, rubies, and emeralds). The transactions are coming from gem auctions and span the period 1999-2012. Over our time frame, the annual nominal...
Persistent link: https://www.econbiz.de/10013083263
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Hard Assets : The Returns on Rare Diamonds and Gems
Renneboog, Luc - 2013
This note examines the investment performance of diamonds and other gems (sapphires, rubies, and emeralds) over the period 1999-2010, using a novel data set of auction transactions. Over our time frame, the annualized real USD returns for white and colored diamonds equaled 6.4% and 2.9%,...
Persistent link: https://www.econbiz.de/10013093433
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Jane Beats Them All : Price Formation and Financial Returns to Investing in Rare Books
Ursprung, Heinrich W. - 2020
I report historical prices and estimate financial returns to investing in rare books. My sample consists of 25 fiction titles recommended by Clifton Fadiman in his 1960 Lifetime Reading Plan. Relying on prices realized at American and British auction houses between 1975 and 2018, I use hedonic...
Persistent link: https://www.econbiz.de/10012833742
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Does It Pay to Invest in Art? A Selection-Corrected Returns Perspective
Korteweg, Arthur G. - 2017
This paper shows the importance of correcting for sample selection when investing in illiquid assets that trade endogenously. Using a sample of 32,928 paintings that sold repeatedly between 1960 and 2013, we find an asymmetric V-shaped relation between sale probabilities and returns. Adjusting...
Persistent link: https://www.econbiz.de/10012974260
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Ex Post : The Investment Performance of Collectible Stamps
Dimson, Elroy - 2016
This paper uses stamp catalogue prices to investigate the returns on British collectible postage stamps over the period … 1900–2008. We find an annualized return on stamps of 7.0% in nominal terms, or 2.9% in real terms. These returns are higher … are impacted by movements in the equity market, but the systematic risk of stamps remains low. Stamps partially hedge …
Persistent link: https://www.econbiz.de/10013009195
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Monthly Art Market Returns
Bocart, Fabian - 2020
We provide an innovative methodological contribution to the measurement of returns on infrequently traded assets using a novel approach to repeat-sales regression estimation. The model for price indices we propose allows for correlation with other markets, typically with higher liquidity and...
Persistent link: https://www.econbiz.de/10012853342
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Reconsidering Psychic Return in Art Investments
Candela, Guido - 2020
indexes as an empirical application …
Persistent link: https://www.econbiz.de/10012857226