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1.
This paper analyses the performance of a speculative investment in paintings during the period 1987–1995 by applying a modified repeat sales technique to a sample of 1446 repeat sales. Since this period is characterised by a boom and a non-boom sub-period, a price risk term is introduced to estimate influences that only affect a painting's value upon its sale, by isolating shocks that can cause realised returns to stray from expectations. The main finding is that from 1987 to 1991 an investment in paintigs performs well if compared with alternative forms of investment, such as U.S. stocks, U.S. 30 year government bonds and gold; by contrast, from 1992 to 1995 returns are lower, with the exception of 1993. 相似文献
2.
Seth C. Anderson Robert B. EkelundJr. John D. Jackson Robert D. Tollison 《Journal of Cultural Economics》2016,40(3):335-357
Art, along with other “treasure assets,” has become a central object for investment opportunities. Investment return studies using hedonic and resale price regressions on different artistic periods and styles produce estimates of varying rates of return, predominately low rates with high standard deviations. The present study employs a new sample of American art sold at auction between 1987 and 2011—art created before 1950 by 33 artists born prior to 1900. Our study, unlike those that preceded it, considers works that are no-sales (those “bought-in” for failing to sell at auction at or above a predetermined and negotiated minimum price), in addition to full transaction costs—buyers and sellers premia on hammer prices. We conclude that investment return calculations are biased upward and may be negative when these factors are considered and that the “consumption utility” of art may be higher than previously thought. However, using a variant of the capital asset pricing model, we find that investment in early American art may still be desirable in a diversified portfolio of assets for when the price of stock assets falls, the price of art does not fall in the same proportion. 相似文献
3.
Past studies on art investment generally have found that returns are low and risk is high. In this study we find that the return to art investment is more in line with traditional investments and thus the cost for consumption associated with art seems fairly small. Employing a large sample of paintings by 66 American artists sold at auction between 1971–1992, average returns are found to be over 9 per cent and 3 per cent in nominal and real terms, respectively. The model employs a log linear price regression estimated by pooled cross section and time series data, and allows rates of return as well as hedonic values for various painting and auction attributes to be estimated. These include size, media, age of execution, authenticity of the work, and auction month and house. In addition, rates of return are differentiated by artist, time period of investment, price range and genre of the painting. The findings indicate significant sensitivity of rates of return to these data stratifications.This paper was presented at the 9th international conference of the Association for Cultural Economics, held in Boston, May 8–11, 1996. 相似文献
4.
The article uses auction data collected from the eBay internet site to examine the effect of various parameters on number
of bids and selling price of art. The article further uses an insight from the auction literature to gather evidence about
whether art on eBay is purchased for consumption or investment purposes. The article argues that the evidence found of a positive
relationship between the number of bids and the final price suggests that art sold on eBay is not, in general, investment
art.
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6.
We analyze art pricing in a unique dataset on Madrid inventories between 1600 and 1750. We estimate a price index for the Spanish art market that is used for a general historical analysis of art during this period, showing a large increase in the real price of paintings during the XVII century. Then we examine the price differential between domestic and foreign paintings: At the beginning of the century domestic production was priced substantially below imported paintings, but the price gap was gradually reduced during the century. We argue that such a price convergence was not the fruit of variations in real exchange rate, relative supply or home bias, but was associated with increasing prices for the new domestic painters of the XVII century. Increasing remuneration for painting may have induced artistic innovations by domestic producers and created the conditions for the development of the Siglo de Oro of Spanish art. 相似文献
7.
The impact of the <Emphasis Type="Italic">Droit de Suite</Emphasis> in the UK: an empirical analysis
The Droit de Suite, known in the UK as Artists’ Resale Rights, provides an artist with the inalienable right to receive a royalty based on the
resale price of an original work of art. This paper provides an empirical analysis of actual changes in the UK auction market
for art that is newly subject to the Droit de Suite (DDS) because of a change in law. All changes are measured relative to changes for art not subject to the DDS and relative
to changes in the auction markets for art in countries where there has been no change in law. We do a difference-in-difference
analysis, differencing price growth and sales growth across market segments and across countries over the period 1993–2007.
Our results suggest that the introduction of the DDS has not had a consistent negative impact on the UK art auction market
during the period of study. 相似文献
8.
Pierre-Charles Pradier François Gardes Xavier Greffe Ileana Miranda Mendoza 《Journal of Cultural Economics》2016,40(4):453-485
The market for autographs has become more open to international buyers since 1990. Our data set features a large sample of store and auction sales for selected authors every 5 years from 1960 to 2005. The estimation of a hedonic price function shows that page count, type of author, date and type of the document conditionally to author explain more than three quarters of the price differences. The apparent price of autographs increased by 7.7 % per year during the period, while the hedonic price index increased by 7.9 % on average. With a supply function responsive to market valuation, as well French autograph prices seemingly showing trend similar to art market index, the French autograph market has become more integrated in the global art market. 相似文献
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10.
Renato G. Flôres Jr. Victor Ginsburgh Philippe Jeanfils 《Journal of Cultural Economics》1999,23(3):191-208
In their paper on price comovements of paintings, Ginsburgh and Jeanfils show that in three important markets (London, Paris and New York), prices of well-known and lesser known painters 'move together' (are cointegrated). They conclude that therefore, an investor may be indifferent between the two groups of painters. We show that this is not the case, since well-known painters are less risky, and that though returns may be comparable, the share of well-known painters in a portfolio of paintings might be as high as 90%. We also construct long-run and short-run portfolios and show that these may be very different. These short-term portfolios give interesting insights which help in characterizing each of the three markets. 相似文献
11.
Andrea Baldin Trine Bille Andrea Ellero Daniela Favaretto 《Journal of Cultural Economics》2018,42(4):677-700
Performing arts organizations are characterized by different objectives other than revenue. Even if, on the one hand, theaters aim to increase revenue from box office as a consequence of the systematic reduction in public funds; on the other hand, they pursue the objective to increase its attendance. A common practice by theaters is to provide incentives to customers to discriminate among themselves according to their reservation price, offering a schedule of different prices corresponding to different seats in the venue. In this context, price and allocation of the theater seating area is decision variables that allow theater managers to manage their two conflicting goals to be pursued. In this paper, we introduce a multi-objective optimization model that jointly considers pricing and seat allocation. The framework proposed integrates a choice model estimated by multinomial logit model and the demand forecast, taking into account the impact of heterogeneity among customer categories in both choice and demand. The proposed model is validated with booking data referring to the Royal Danish theater during the period 2010–2015. 相似文献
12.
Juan L. Nicolau 《Journal of Cultural Economics》2010,34(3):181-195
The purpose of this article is to analyze the effect of the cultural interest manifested by tourists when planning a vacation
on their sensitivity to price. The proposed hypothesis states that tourist price sensitivity is moderated, at the moment of
choosing a destination, by cultural interest. For this purpose, we measure and identify tourists’ price sensitivities—individual
by individual—from real choices, i.e., tourist price sensitivity is estimated for each individual by observing the destination
she actually selects. The empirical application is carried out on a sample of 2,127 individuals, and the operative formalization
used to estimate individual price sensitivities follows a Random-Coefficient Logit Model; and to detect the way these sensitivities
relate to the search for culture, an ANOVA procedure is employed. The results show an incremental effect of cultural interest
on tourist price insensitivity; i.e., people looking for culture find their price sensitivity moderated by this interest in
such a way that the negative effect of price diminishes. Also, we further explore these culture-interested tourists by a segmentation
analysis, identifying five segments with different price sensitivities—one of them even showing certain high-price proneness. 相似文献
13.
《Journal of Cultural Heritage》2014,15(5):564-568
This paper deals with the scientific survey of Remo Brindisi's painting “Ragazzo seduto” (Seated boy), made at the end of the 1950s, that is a symbolic figure of both his personal artistic solitude and the crisis of values determined by the economic boom in the post-war period. In a period of great changes and economic regrowth, the need to find a new style that could be the most authentic and personal as possible pressed the artist to experiment innovative products, including non-conventional support. Photographic and analytical techniques demonstrated the use of innovative products as an experimentation tendency, that pressed the artist to use non-conventional support, industrially treated with plasticized PVC and primed with acrylate polymers and to paint with traditional and industrial pigments mixed with an oil-modified alkyd resin. In the span of a few years, an unexpected and extended degradation on the whole surface of the painting took place, with the consequent formation of lifting and detachment of the paint film. The detected alteration is mainly due to the fast ageing of the employed polymeric materials, actually responsible of the impermanence of many contemporary works of arts. Clarifying the unknown aspects of the Remo Brindisi's stylistic choices together with the deterioration processes of the employed painting materials, this paper highlights the general problems related to the conservation of contemporary art, a neglected area of research in Italy, where more efforts are committed to the enormous and more ancient cultural heritage. 相似文献
14.
Jörg Schimmelpfennig 《Journal of Cultural Economics》1997,21(2):119-127
Attendance figures for individual seat categories during the 1995 Royal Ballet Summer Season are analysed using a non-parametric median technique. For three out of five categories, demand for full-length ballet turns out to be significantly downward-sloping. The (point) estimates suggest that during the period of observation substantial margins for price cuts existed which would have increased both attendance and revenue. 相似文献
15.
In the paper we develop some price indices for the secondary market forprints and drawings in Italy for the period 1977–1999. Theempirical evidence suggests the emergence of causal links from thepainting series and consumer price series to the print and drawingsprice series. Within the secondary market, the drawings price seriesprecedes the print price series. 相似文献
16.
This paper proposes a price index for artists adjusted for the quality of the paintings, based on the ratio between the average market price and the average pre-sale estimate for paintings. We apply this methodology to a group of selected artists and schools presented in auctions worldwide in the period 1990–2001. A comparison with quality unadjusted and hedonic indices is also conducted.JEL Classification: C10, Z11 相似文献
17.
Anne M. Cronin 《Journal of Cultural Economy》2016,9(4):396-409
Drawing on empirical data, this article identifies the emergence of the ‘PR University’ as an assemblage. Using a case study of university press officers’ work, I analyse how this form of media relations PR stages competition between UK universities through the media. A key form of this competition centres on the accumulation and circulation of what I term ‘reputational capital’. I focus on one core element of reputational capital – media stories about HE research and the circulation of research metrics. I argue that the assemblage of the public relations (PR) University pulls the HE sector into dialogue with PR principles and practices in the context of recent shifts towards market rationalities. But this relationship is not a simple cause and effect model in which increasing HE ‘marketisation’ creates a boom in universities’ PR practices, or intensifying investment in PR by universities merely amplifies or legitimises existing market tendencies in the sector. I argue that the PR University as assemblage starts generating its own logics around which actors in the field must orient themselves. More broadly, the PR University operates not only to promote an individual university’s market position, but also acts upon public debates about the social role, legitimacy and financing of UK Higher Education. 相似文献
18.
The major distinctive feature of cultural goods is that consumers must learn how to consume them, implying that preferences should be modelled as intertemporally dependent. The canonical model in the literature uses a habit formation analogy. In this paper, we discuss in detail, though in the simplest setup, a consistent preference structure for that model. Then, we derive the implications for the dynamics of two aggregate equilibrium models, a fixed price model and a flexible price model. The learning-by-consuming behaviour is characterised by a preference structure displaying bounded adjacent complementarity in the demand for the cultural good. This implies that there will be short run complementarity between the stocks of culture and financial wealth and that the adjustment of the demand for cultural goods, or of their relative price, will have some inertia. In the exogenous price model, we find that increases in income will raise the long run demand for cultural goods while increases in the relative price will decrease it. In the endogenous price model, an increase in the supply of cultural goods will imply an initial undershooting of the price of cultural goods followed by an upward transition process. Our results seem to be consistent with the empirical results on the demand for cultural goods and seem to offer an explanation for the Baumol and Bowen paradox.JEL Classification: Z1, E21Earlier versions of this paper have been presented at the 1st Conference of the Sociedade Portuguesa de Investigação em Economia (SPiE, 1997) and at the Xth Conference of the Association for Cultural Economics International, 1998, Barcelona. 相似文献
19.
The purpose of this study is to analyse the cost structure of the Italian local public theatres in order to assess economies
of scale and scope and the desirability of the reform of the subsidy system. A translog multiproduct cost function was estimated
using panel data for a sample of 28 theatres over the period 1991–1993. The results indicate the existence of scale and scope
economies for most output levels. In addition, the estimated marginal costs for the two outputs indicate that, ceteris paribus,
an additional performance conducted inside or outside the theatre by the resident theatre group is generally more expensive
than an additional performance conducted inside the theatre by external theatre groups. These results call for a reform of
the public subsidy system which do not promote the proliferation, but the interchange and the diffusion of a limited number
of high quality shows.
This revised version was published online in August 2006 with corrections to the Cover Date. 相似文献
20.
In this analysis we present some results for book demand (schoolbooks are excluded) in Norway, obtained by means of a three-goods model (books, other cultural goods and non-cultural goods) and survey data for more than 18000 households from the period 1986–1999. Various methods of estimation are used, and they provide, surprisingly unambiguous results. Our hypotheses about the price and income sensitivity of book demand are confirmed. Books turn out to be “luxury” goods. Our calculations do also suggest that they are quite price sensitive and that they are close substitutes to other cultural goods. The results for socio-demographic variables indicate that access to outlets for books, sex and age matter for book demand. Moreover, we find that single persons and households with small children, especially those with children less than 7 years, are frequent book-buyers. 相似文献