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American Economic Review: Vol. 101 No. 3 (May 2011)


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Art and Money

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Goetzmann, William N., Luc Renneboog, and Christophe Spaenjers. 2011. "Art and Money." American Economic Review, 101(3): 222-26.

DOI: 10.1257/aer.101.3.222


This paper investigates the impact of equity markets and top incomes on art prices. Using a newly constructed art market index, we demonstrate that equity market returns have had a significant impact on the price level in the art market over the last two centuries. We also find evidence that an increase in income inequality may lead to higher prices for art. Finally, the results of Johansen's cointegration tests strongly suggest the existence of a long-run relation between top incomes and art prices.

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Goetzmann, William N. (Yale U)
Renneboog, Luc (CentER, Tilburg U)
Spaenjers, Christophe (CentER, Tilburg U)

JEL Classifications

C43: Index Numbers and Aggregation; leading indicators
Z11: Cultural Economics: Economics of the Arts and Literature

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