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

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

Expand

Quick Tools:

Print Article Summary
Export Citation
Sign up for Email Alerts Follow us on Twitter

Explore:

AER - All Issues

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

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)

JEL Classifications

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


American Economic Review


Quick Tools:

Sign up for Email Alerts

Follow us on Twitter

Subscription Information
(Institutional Administrator Access)

Explore:

AER - All Issues

AER - Forthcoming Articles

Virtual Field Journals


AEA Member Login:


AEAweb | AEA Journals | Contact Us