This setting lets you change the way you view articles. You can choose to have articles open in a dialog window, a new tab, or directly in the same window.
Open in Dialog
Open in New Tab
Open in same window
Open in New Tab
Open in same window
American Economic Review: Vol. 101 No. 3 (May 2011)
AER Volume. 101, Issue 3 | 
Previous ArticleNext Article
Sign up for Email Alerts Follow us on Twitter
AER Forthcoming Articles
Full-text Article
Previous ArticleNext Article
Expand
Quick Tools:
Print Article Summary Email Link to this Article Export CitationSign up for Email Alerts Follow us on Twitter
Explore:
AER Forthcoming Articles
Art and Money
Article Citation
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
DOI: 10.1257/aer.101.3.222
Abstract
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.
Article Full-Text Access
Full-text Article
Authors
Goetzmann, William N. (Yale U)
Renneboog, Luc (CentER, Tilburg U)
Spaenjers, Christophe (CentER, Tilburg 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
Z11: Cultural Economics: Economics of the Arts and Literature
