Conferencia: "Buying Beauty: On Prices and Returns in the Art Market"

Seminarios de Investigación del Departamento de Economía Financiera y Contabilidad:

"Buying Beauty: On Prices and Returns in the Art Market"
Dr. Luc Renneboog, Catedrático de la Tilburg University

Luc Renneboog is Professor of Corporate Finance at the Finance Department of Tilburg University and Director of Graduate Studies at the CentER for Economic Research. Before joining Tilburg, Luc taught at the Catholic University of Leuven (Belgium) and at Oxford University:
'This paper investigates the price determinants and investment performance of art. We apply a hedonic regression analysis to a new data set of over one million auction transactions of paintings and works on paper. Based on the resulting price index, we conclude that art has appreciated in value by a moderate 3.97% per year, in real U.S. dollar terms, between 1957 and 2007. This is a performance similar to that of corporate bonds – at much higher risk' .