This article examines the growth of art investment through two key developments that mirror established practice in other areas of financial investment: the use of price indexes and the growth of specialized art investment funds. Building on my findings from ethnographic fieldwork in London and...

The history of art is replete with examples of artists who have broken from existing conventions and genres, redefining the meaning of art and its function in society. Our interest is in emerging forms of art that trespass - occupy space, place, and time as part of their aesthetic identity....

If one should buy something only because one loves it for its beauty or some other aspect of aesthetic or personal appeal, one can never really lose. Individuals who collect art and who share the growing interest in art as an investment question whether art is a good investment particularly when...

Paintings are − among other things − financial assets. The most basic piece of information regarding a financial asset is probably its return, or, more appropriately, the potential return that it can offer. Not surprisingly, many scholars have devoted a fair amount of effort to explore how...

We investigate the effect of overreaction in the fine art market. Using a unique sample of auction prices of modern prints, we define an overvalued (undervalued) print as a print that was bought for a price above (below) its high (low) auction pricing estimate. Based on the overreaction...