TY  - JOUR
AU  - Goetzmann,William N.
AU  - Renneboog,Luc
AU  - Spaenjers,Christophe
TI  - Art and Money
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 15502
PY  - 2009
Y2  - November 2009
UR  - http://www.nber.org/papers/w15502
L1  - http://www.nber.org/papers/w15502.pdf
N1  - Author contact info:
William N. Goetzmann
School of Management
Yale University
Box 208200
New Haven, CT 06520-8200
Tel: 203/432-5950
Fax: 203/432-3003
E-Mail: william.goetzmann@yale.edu

Luc Renneboog
PO Box 90153
5000 LE Tilburg
the Netherlands
E-Mail: Luc.Renneboog@uvt.nl

Christophe Spaenjers
PO Box 90153
5000 LE Tilburg
the Netherlands
E-Mail: c.spaenjers@uvt.nl
AB  - 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.
ER  -