The Sculpture Market: An Adjacent Year Regression Index |
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Authors: | Marilena Locatelli-Biey Roberto Zanola |
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Institution: | (1) Department of Economics, University of Torino, Italy;(2) Department of Public Policy and Public Choice, University of Eastern Piedmont, Italy and Department of Economics, University of Torino, Italy |
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Abstract: | This paper analyses the performance of an investment in sculpture during theperiod 1987–1995 by applying the hedonic price technique with time dummyvariables to a sample of over 27,000 sales at auctions. The main finding isthat the adjacent year price index differs substantially between theinexpensive/middle portfolio and the expensive portfolio. The first showsthe existence of a boom period until 1990, followed by a non boom period. Bycontrast, the return of an investment in the expensive portfolio performedsomewhat better during the period analysed, with the only fall in the priceindex in 1990 and 1991. |
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Keywords: | auction hedonic price rate of return sculpture |
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