Christophe Spaenjers

HEC Paris - Department of Finance
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Institutional Affiliation: HEC Paris

NBER Working Papers and Publications

August 2014The Economics of Aesthetics and Three Centuries of Art Price Records
with William Goetzmann, Elena Mamonova: w20440
Aggregate art price patterns mask a lot of underlying variation--both in the time series and in the cross- section. We argue that, to increase our understanding of the market for aesthetics, it is helpful to take a micro perspective on the formation of art prices, and acknowledge that each artwork gives rise to a market for trading in its private-value benefits. We discuss relevant recent literature, and illustrate the potential of this approach through a historical study of art price records between 1701 and 2014. Our newly constructed series also points to the importance of developments in the industrial organization of the art market for long-term price trends.

Published: Christophe Spaenjers, William N. Goetzmann, Elena Mamonova, The economics of aesthetics and record prices for art since 1701, Explorations in Economic History, Volume 57, 2015, Pages 79-94, ISSN 0014-4983,

November 2009Art and Money
with William N. Goetzmann, Luc Renneboog: w15502
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.

Published: William N. Goetzmann & Luc Renneboog & Christophe Spaenjers, 2011. "Art and Money," American Economic Review, American Economic Association, vol. 101(3), pages 222-26, May. citation courtesy of

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