@techreport{NBERw15502,
 title = "Art and Money",
 author = "William N. Goetzmann and Luc Renneboog and Christophe Spaenjers",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "15502",
 year = "2009",
 month = "November",
 URL = "http://www.nber.org/papers/w15502",
 abstract = {This paper investigates the impact of equity markets and top incomes on art prices. Using a long-term art market index that incorporates information on repeated sales since the eighteenth century, we demonstrate that both same-year and lagged equity market returns have a significant impact on the price level in the art market. Over a shorter time frame, we also find empirical evidence that an increase in income inequality may lead to higher prices for art, in line with the results of a numerical simulation analysis. Finally, the results of Johansen cointegration tests strongly suggest the existence of a long-term relation between top incomes and art prices.},
}