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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Locatelli-Biey, M., Zanola, R. The Sculpture Market: An Adjacent Year Regression Index. Journal of Cultural Economics 26, 65–78 (2002). https://doi.org/10.1023/A:1013309816736
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DOI: https://doi.org/10.1023/A:1013309816736