Reflections on historical series of art prices: Reitlinger's data revisited

This note of research argues that Reitlinger's series, and all other series such as Meyer's which are based on official auction sales reports, suffer from significant distortions. This distortion is caused by two main factors: a) the absence of data relating to the identity and the profession of the market agents involved in the transactions recorded in time series; b) the criteria of selection adopted to construct the historical series of prices.