Art is often used as an investment vehicle. Given the importance of market efficiency in finance, we use a large auction-based index to test whether the art market is weakly efficient. Evidence reveals that returns on artworks exhibit high positive auto-correlation. We attribute this result to...

Art is often used as an investment vehicle. Given the importance of market efficiency in finance, we use a large auction-based index to test whether the art market is weakly efficient. Evidence reveals that returns on artworks exhibit high positive auto-correlation. We attribute this result to...

Based on archives of the French brokers, the French finance ministry and the occupying forces, this article analyses the motivations of the legal changes imposed on the French exchanges during the war. Most of the measures taken by the Vichy government were meant to stimulate the demand for...

Reasons why organizations sponsor artistic and cultural events have attracted a lot of scholarly attention. However, understanding why organizations create and develop their own collections has remained largely under investigated. This is especially striking in the financial sector where...