Lee, Boram; Veld-Merkoulova, Yulia - In: Applied Economics Letters 18 (2011) 11, pp. 1049-1052
We investigate the investment performance of the art of Andy Warhol and Salvador Dali through constructing hedonic price indices from auction sales records. Although the arithmetic average returns are higher for the art than for equities, the geometric returns and the Sharpe ratios of the art...