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| Author: | Ulibarri, C.A. |
| Title: | Perpetual options: revisiting historical returns on paintings |
| Journal: | Journal of Cultural Economics
2009 : VOL. 33:2, p. 135-149 |
| Index terms: | models art market |
| Language: | eng |
| Abstract: | In this paper, a perpetual option-pricing model is applied in examining historical returns on paintings. A key development herein is formalizing a structural relationship btw. rational investment decisions and historical returns to art ownership. Using error correction methodology, the implications are examined in a case study of paintings of major art schools. There is found evidence of a long-run equilibrium relationship btw. painting types and risk-free bond yields, and some indication of buyers and sellers preferring exchange environments not prone to "speculative resales". |
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