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The Market for Sculptures: an Adjacent Year Regression Index

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  • Locatelli-Biey, Marilena
  • Zanola, Roberto

Abstract

This paper analyses the performance of an investment in sculptures during the period 1987-1995 by applying the hedonic price technique with time dummy variables to a sample of over 27,000 sales occured at auctions. The main finding is that the trend of the rate of return on an investment in sculptures is more stable than those associated to alternative forms of investment during the analysed period.

Suggested Citation

  • Locatelli-Biey, Marilena & Zanola, Roberto, 2000. "The Market for Sculptures: an Adjacent Year Regression Index," POLIS Working Papers 14, Institute of Public Policy and Public Choice - POLIS.
    • Handle: RePEc:uca:ucapdv:14
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    References listed on IDEAS

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    1. Frey, Bruno S. & Eichenberger, Reiner, 1995. "On the rate of return in the art market: Survey and evaluation," European Economic Review, Elsevier, vol. 39(3-4), pages 528-537, April.
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    5. Nerlove, Marc, 1995. "Hedonic price functions and the measurement of preferences: The case of Swedish wine consumers," European Economic Review, Elsevier, vol. 39(9), pages 1697-1716, December.
    6. Combris, Pierre & Lecocq, Sebastien & Visser, Michael, 1997. "Estimation for a Hedonic Price Equation for Bordeaux Wine: Does Quality Matter?," Economic Journal, Royal Economic Society, vol. 107(441), pages 390-402, March.
    7. 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.
    8. Anderson, Robert C, 1974. "Paintings as an Investment," Economic Inquiry, Western Economic Association International, vol. 12(1), pages 13-26, March.
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    10. 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.
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    More about this item

    Keywords

    Auction; Hedonic Price; Sculpture; Return.;
    All these keywords.

    JEL classification:

    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • Z1 - Other Special Topics - - Cultural Economics

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