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Management Science· 2012Q1

Buying Beauty: On Prices and Returns in the Art Market

Luc Renneboog, Christophe Spaenjers

Short summary

Art has appreciated 3.97% annually in real USD terms between 1957-2007, similar to corporate bonds but with higher risk, based on analysis of over one million auction transactions.

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Field: Visual Arts and Performing Arts

Visual Arts and Performing ArtsArts and Humanities