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A Note on Financial Risk, Return and Asset Pricing in Australian Modern and Contemporary Art

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  • Andrew Worthington
  • Helen Higgs

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  • Andrew Worthington & Helen Higgs, 2006. "A Note on Financial Risk, Return and Asset Pricing in Australian Modern and Contemporary Art," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 30(1), pages 73-84, March.
    • Handle: RePEc:kap:jculte:v:30:y:2006:i:1:p:73-84
    DOI: 10.1007/s10824-005-9000-5
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    References listed on IDEAS

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    1. Buelens, Nathalie & Ginsburgh, Victor, 1993. "Revisiting Baumol's 'art as floating crap game'," European Economic Review, Elsevier, vol. 37(7), pages 1351-1371, October.
    2. Renato Flôres & Victor Ginsburgh & Philippe Jeanfils, 1999. "Long- and Short-Term Portfolio Choices of Paintings," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 23(3), pages 191-208, August.
    3. Sebastian Edwards, 2004. "The Economics of Latin American Art: Creativity Patterns and Rates of Return," NBER Working Papers 10302, National Bureau of Economic Research, Inc.
    4. Gerard-Varet, Louis-Andre, 1995. "On pricing the priceless: Comments on the economics of the visual art market," European Economic Review, Elsevier, vol. 39(3-4), pages 509-518, April.
    5. Sebastian Edwards, 2004. "The Economics of Latin American Art: Creativity Patterns and Rates of Return," Economía Journal, The Latin American and Caribbean Economic Association - LACEA, vol. 0(Spring 20), pages 1-35, January.
    6. O. Chanel & L. A. Gerard-Varet & V. Ginsburgh, 1994. "Prices and Returns on Paintings: An Exercise on How to Price the Priceless," The Geneva Risk and Insurance Review, Palgrave Macmillan;International Association for the Study of Insurance Economics (The Geneva Association), vol. 19(1), pages 7-21, June.
    7. Chanel, Olivier, 1995. "Is art market behaviour predictable?," European Economic Review, Elsevier, vol. 39(3-4), pages 519-527, April.
    8. Luc Renneboog, 2002. "The monetary appreciation of paintings: from realism to Magritte," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 26(3), pages 331-358, May.
    9. G. Candela & A. Scorcu, 1997. "A Price Index for Art Market Auctions," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 21(3), pages 175-196, September.
    10. David W. Galenson & Bruce A. Weinberg, 2000. "Age and the Quality of Work: The Case of Modern American Painters," Journal of Political Economy, University of Chicago Press, vol. 108(4), pages 761-777, August.
    11. Goetzmann, William N, 1993. "Accounting for Taste: Art and the Financial Markets over Three Centuries," American Economic Review, American Economic Association, vol. 83(5), pages 1370-1376, December.
    12. Andrew C. Worthington & Helen Higgs, 2004. "Art as an investment: risk, return and portfolio diversification in major painting markets," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 44(2), pages 257-271, July.
    13. Pesando, James E, 1993. "Art as an Investment: The Market for Modern Prints," American Economic Review, American Economic Association, vol. 83(5), pages 1075-1089, December.
    14. Marilena Locatelli Biey & Roberto Zanola, 1999. "Investment in Paintings: A Short-Run Price Index," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 23(3), pages 209-219, August.
    15. Andrew C. Worthington & Helen Higgs, 2003. "Art as an investment: Short and long-term comovements in major painting markets," Empirical Economics, Springer, vol. 28(4), pages 649-668, November.
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    Cited by:

    1. Xin Li & Chi-Wei Su & Meng Qin & Fahai Zhao, 2020. "Testing for Bubbles in the Chinese Art Market," SAGE Open, , vol. 10(1), pages 21582440199, January.
    2. Régis Blazy & Marie Blum, 2022. "Horizontal and vertical differentiation in comic art auctions," Economic Inquiry, Western Economic Association International, vol. 60(3), pages 1382-1415, July.
    3. Kräussl, Roman & Elsland, Niels van, 2008. "Constructing the true art market index: A novel 2-step hedonic approach and its application to the German art market," CFS Working Paper Series 2008/11, Center for Financial Studies (CFS).
    4. Marie BLUM, 2021. "Auction hosts: are they really impartial?," Working Papers of LaRGE Research Center 2021-09, Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg.
    5. Belma Öztürkkal & Aslı Togan-Eğrican, 2020. "Art investment: hedging or safe haven through financial crises," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 44(3), pages 481-529, September.
    6. Marinelli, Nicoletta & Palomba, Giulio, 2011. "A model for pricing Italian Contemporary Art paintings at auction," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(2), pages 212-224, May.
    7. Abderazak Bakhouche & Ludovic P.J. Thebault, 2011. "What Determines Cézanne’S Art Pricing? A Hedonic Regression Method," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 58, pages 515-532, november.
    8. Fikret Korhan Turan & Zeynep Tosun, 2023. "Sustainable development of art industry and a statistical analysis of the factors that influence the gallery prices of contemporary artworks," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(3), pages 1790-1804, June.
    9. Goodness C. Aye & Tsangyao Chang & Wen-Yi Chen & Rangan Gupta & Mark Wohar, 2016. "Testing the Efficiency of the Art Market using Quantile-Based Unit Root Tests with Sharp and Smooth Breaks," Working Papers 201625, University of Pretoria, Department of Economics.
    10. Park, Heungju & Ju, Lan & Liang, Tianyu & Tu, Zhiyong, 2017. "Horizon analysis of art investments: Evidence from the Chinese market," Pacific-Basin Finance Journal, Elsevier, vol. 41(C), pages 17-25.
    11. Heinrich W. Ursprung & Christian Wiermann, 2011. "Reputation, Price, And Death: An Empirical Analysis Of Art Price Formation," Economic Inquiry, Western Economic Association International, vol. 49(3), pages 697-715, July.
    12. Joonwoo Nahm, 2010. "Price determinants and genre effects in the Korean art market: a partial linear analysis of size effect," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 34(4), pages 281-297, November.
    13. Bronwyn Coate & Tim R.L. Fry, 2012. "Better off Dead? Prices Realised for Australian Paintings Sold at Auction," ACEI Working Paper Series AWP-02-2012, Association for Cultural Economics International, revised Feb 2012.
    14. Emrah Çevik & Erdal Atukeren & Turhan Korkmaz, 2013. "Nonlinearity and nonstationarity in international art market prices: evidence from Markov-switching ADF unit root tests," Empirical Economics, Springer, vol. 45(2), pages 675-695, October.
    15. Anna Lucińska, 2015. "The Art Market in the European Union," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 21(1), pages 67-79, March.
    16. Taylor, Dominic & Coleman, Les, 2011. "Price determinants of Aboriginal art, and its role as an alternative asset class," Journal of Banking & Finance, Elsevier, vol. 35(6), pages 1519-1529, June.

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