unique hand-collected dataset, which comprises the worldwide Tribal art market auctions between 1999 and 2008. Our results … of the auction estimated prices on the probability of sales is nonlinear, and allows us to divide the Tribal art market …

What constitutes an international art center? To answer this question, I analyze the auction sales of fine art for 10 … primary art markets; the results suggest four major findings: First, an expansion in the art market contributes to a more than … proportional increase in art auction sales. Second, an increased GDP growth rate is positively associated with total auction sales …

We study price determinants and investment performance of art based on a vast sample of transactions around the world … over the past 60 years. Art has appreciated at a real (nominal) annual return of 2.49% (6.24%). Higher art returns are … reached for paintings at high-end of the price distribution, for oil paintings, for more recent art movements, for …

unregulated, illiquid, and opaque, such as the art market. We therefore examine the role of authenticity, as captured by the …

secondary market volume (63.2%) permanently, and this effect is larger if an artist dies young or is more famous …

behavior as either an act of outright fraud or as the nebulous use of market power to produce an artificial price. In this …

The art market has seen boom and bust during the last years and, despite the downturn, has received more attention from … option on an art index, derived from one of the most comprehensive data sets of art market transactions. The option allows … investors to optimize their exposure to art. For pricing purposes, non-tradability of the art index is acknowledged and option …