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Reservation Prices and Pre-Auction Estimates : A Study in Abstract Art

Valsan, Calin - 2008

Using a sample of European abstract art we show that reservation prices constrain pre-auction estimates in such a way that we are more likely to observe overestimation relative to the midpoint of the estimation window. At the same time, we also find that the low pre-auction estimate is a more...

Persistent link: https://www.econbiz.de/10012727207

My Kingdom for a Horse (or a Classic Car)

Laurs, Dries - 2019

This paper investigates the price determinants and investment performance of classic cars comprising various categories starting from veteran cars (built between 1888 and 1907) up to modern classics (built between 1975 and 1990). We examine a sample of 29,000 classic car auction sales conducted...

Persistent link: https://www.econbiz.de/10012898158

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

Speculative Bubbles under Supply Constraints, Background Risk and Investment Fraud in the Art Market

Bernales, Alejandro - 2020

We examine the unexplored effects on art markets of artist death (asset supply constraints), collectors' wealth (background risk) and forgery risk (risk of investment fraud), under short-sale constraints and risk aversion. Speculative bubbles emerge and have the form of an option strangle (a put...

Persistent link: https://www.econbiz.de/10012850113

Uncertainty, Disagreement and Expert Price Estimates in Art Markets

Vosilov, Rustam - 2020

The purpose of this study is to test whether the size of the pre-sale price estimate range affects art auction prices and, if so, in what direction. We find that auction house art experts' relative estimate range positively affects realized prices. The effect is robust across the mid- low- and...

Persistent link: https://www.econbiz.de/10012855908

Art as an Asset : Evidence from Keynes the Collector

Chambers, David - 2020

The risk-return characteristics of art as an asset have previously been studied through aggregate price indexes. By contrast, we examine the long-run buy-and-hold performance of an actual portfolio, namely the collection of John Maynard Keynes. We find that its performance has substantially...

Persistent link: https://www.econbiz.de/10012856025

Real-Time Forecasts of Auction Prices

Penasse, Julien - 2020

This paper investigates the informational content of aggregate prices in the fine arts auction market. A Mixed Data Sampling (MIDAS) modeling approach is proposed to forecast year-end art prices, using higher frequency variables related to the stock and bond markets and to art market sentiment....

Persistent link: https://www.econbiz.de/10012856506

The Race to Digitize : An Asian Perspective

Kashyap, Ravi - 2021

We consider the challenges regarding regulation, risk management and digitisation. Some of the topics discussed are: 1) Sergey Bubka and The Regulators2) Risk Management: A Slow Walk On A Tight Rope3) Alice in Business-Land4) Sleeping Like A Koala

Persistent link: https://www.econbiz.de/10013232536

Agency Problems and Sentiment : Evidence from An Auction Market

Mei, Jianping; Moses, Michael - 2022

This study provides an empirical test of the Bolton, Freixas and Shapiro (2012) credit ratings model using data from art auctions. Our empirical work discovers that, despite the fact that art and bonds belong to totally different asset classes, financial intermediaries and investors behave in...

Persistent link: https://www.econbiz.de/10013292569

Residual Variance and Asset Pricing in the Art Market

Mei, Jianping; Moses, Michael; Zhou, Yi - 2022

In this paper, we compute residual variance of art prices to examine asset pricing in contemporary art market. Our empirical work shows a few interesting results. First, we discover that the residual variance is significantly and positively related to the average price level achieved by an...

Persistent link: https://www.econbiz.de/10013292595