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prints, we define an overvalued (undervalued) print as a print that was bought for a price above (below) its high (low … that were bought for a price 10 percent above (below) its high (low) pricing estimate generate a positive (negative) excess … return of 12 percent (17 percent) after controlling for the general price movement on the prints market. The price correction …
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prints, we define an overvalued (undervalued) print as a print that was bought for a price above (below) its high (low … that were bought for a price 10 percent above (below) its high (low) pricing estimate generate a positive (negative) excess … return of 12 percent (17 percent) after controlling for the general price movement on the prints market. The price correction …
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The record-breaking prices observed in the art market over the last three years raise the question of whether we are experiencing a speculative bubble. Given the difficulty to determine the fundamental value of artworks, we apply a right-tailed unit root test with forward recursive regressions...
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