In this paper we present the state of the art concerning the distinction between economic
and cultural value and the way the two values interact with each other. Our review espouses …

While there are no significant investment characteristics that inhibit art from being
considered as an asset, a major hurdle has long been the lack of a systematic measure of its …

To put the ARTS & ECONOMICS next to each other, as in the title to this book, may be
shocking to some readers. Must not creative art be free of economic constraints, must it not …

This paper investigates the impact of equity markets and top incomes on art prices. Using a
newly constructed art market index, we demonstrate that equity market returns have had a …

This paper provides a simple and empirically plausible model of artworks as investment
vehicles. It reconciles the observation that average financial returns for collectibles are low …

El treball del professor Frey il· lumina aspectes insospitats de les activitats culturals i amplia
l'anàlisi econòmica més enllà de l'estudi de la mera producció de riquesa. L'economia de …

This paper considers the question of how to measure and interpret the financial return to
investing in collectibles. We review various methodologies for creating priced indexes and …

The present paper examines risk, return and the prospects for portfolio diversification among
major painting and financial markets over the period 1976–2001. The art markets examined …

We survey more than twenty studies estimating rates of return of investments in single art
objects and whole collections and evaluate the various approaches to art price movements …

This paper analyzes the performance and risk-return characteristics of three major emerging
art markets: Russia, China, and India. According to three national art market indices, built by …