Most existing literature has ignored the potential effects that color intensity may have on art prices (bearing a few recent exceptions). We examine 1,627 paintings executed by the “Big five” Latin American artists (Rivera, Tamayo, Lam, Matta, and Botero) and sold at Sotheby’s and...

Measuring the psychic return of art investments is a debated issue in Cultural economics. Several works suggest Jensen's alpha as a measure of the psychic return. Since the Jensen's alpha is defined in the CAPM framework, its uncritical application as a measure of the psychic return may be...

We provide an innovative methodological contribution to the measurement of returns on infrequently traded assets using a novel approach to repeat-sales regression estimation. The model for price indices we propose allows for correlation with other markets, typically with higher liquidity and...