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American art as an investment: new evidence from an alternative approach
11 references·0 citing·35 second hop
American art as an investment: new evidence from an alternative approach (2018)American art as an investment: new eviden…A Model of Trading in the Art Market (2018)A Model of Trading in the Art…Investment in early American art: the impact of transaction costs and no-sales on returns (2015)Investment in early American …Buying Beauty: On Prices and Returns in the Art Market (2012)Buying Beauty: On Prices and …Buying Beauty: On Prices and Returns in the Art Market (2011)Buying Beauty: On Prices and …Auctions and the Price of Art (2003)Auctions and the Price of ArtAuctions and the Price of Art (2003)Auctions and the Price of ArtInvestment Returns and Risk for Art: Evidence from Auctions of American Paintings (2002)Investment Returns and Risk f…Art as an Investment and the Underperformance of Masterpieces (2002)Art as an Investment and the …Financial returns, price determinants, and genre effects in American art investment (1996)Financial returns, price dete…Art as an investment: The market for modern prints (1993)Art as an investment: The mar…The arbitrage theory of capital asset pricing (1976)The arbitrage theory of capit…Unnatural Value: Or Art Investment as Floating Crap Game (1985)Accounting for taste: Art and the financial markets over three centuries (1993)Art as an Investment and Conspicuous Consumption Good (2009)Art and Money (2011)Social Limits to Growth (1976)THE AUCTION MARKET FOR MODERN PRINTS: CONFIRMATIONS, CONTRADICTIONS, AND NEW PUZZLES (2007)A model for pricing Italian Contemporary Art paintings at auction (2011)Motives For Purchasing Artwork, Collectibles And Antiques (2011)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Financial Intermediation and Delegated Monitoring (1984)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition (1974)Income Inequality in the United States, 1913-1998 (2003)Giving Content to Investor Sentiment: The Role of Media in the Stock Market (2007)Art and Money (2011)Econometric analysis of volatile art markets (2011)Art investment: hedging or safe haven through financial crises (2019)Over-the-Counter Markets (2004)The risk and return of venture capital (2004)“We’ll Always Have Paris”: Out-of-Country Buyers in the Housing Market (2020)Asset-Level Risk and Return in Real Estate Investments (2020)The Rate of Return on Real Estate: Long-Run Micro-Level Evidence (2021)The ``Death-Effect'' in Art Prices: A Demand-Side Exploration (2000)Financial Returns and Price Determinants in the Australian Art Market, 1973-2003* (2005)Cultural and economic value: a critical review (2018)Anchoring Effects: Evidence from Art Auctions (2009)The price of wine (2015)Virtual currency, tangible return: Portfolio diversification with bitcoin (2015)Entertainment industry economics: a guide for financial analysis (2007)Changing Art: SoHo, Chelsea and the Dynamic Geography of Galleries in New York City (2009)Artist Authenticity: How Artists’ Passion and Commitment Shape Consumers’ Perceptions and Behavioral Intentions across Genders (2014)Fractional Equity, Blockchain, and the Future of Creative Work (2020)
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References

  • 1976The arbitrage theory of capital asset pricing7,081 cited
  • 2002Art as an Investment and the Underperformance of Masterpieces539 cited
  • 2012Buying Beauty: On Prices and Returns in the Art Market381 cited
  • 1993Art as an investment: The market for modern prints335 cited
  • 2003Auctions and the Price of Art235 cited
  • 2003Auctions and the Price of Art221 cited
  • 1996Financial returns, price determinants, and genre effects in American art investment132 cited
  • 2018A Model of Trading in the Art Market78 cited
  • 2002Investment Returns and Risk for Art: Evidence from Auctions of American Paintings63 cited
  • 2011Buying Beauty: On Prices and Returns in the Art Market35 cited
  • 2015Investment in early American art: the impact of transaction costs and no-sales on returns11 cited

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