the economics of aesthetics and record prices for art since 1701：美学的经济学和艺术的历史记录价格自1701.docVIP

the economics of aesthetics and record prices for art since 1701：美学的经济学和艺术的历史记录价格自1701 The economics of aesthetics and record pricesfor art since 1701☆Christophe Spaenjersa,*, William N. Goetzmannb, Elena MamonovabaHEC Paris, 1 rue de la Libération, 78351 Jouy-en-Josas, FrancebYale School of Management, United StatesReceived 25 October 2014Available online 10 April 2015AbstractAggregate art price patterns mask a lot of underlying variation—both in the time series and in the cross-section. We argue that,to increase our understanding of the market for aesthetics, it is helpful to take a micro perspective on the formation of art prices, andacknowledge that each artwork gives rise to a market for trading in its private-value benefits. We discuss relevant recent literature,and illustrate the potential of this approach through a historical study of record prices for art at auction since 1701.? 2015 Elsevier Inc. All rights reserved.Keywords: Art; Auctions; Price formation; Price indexes; Private values; Record pricesJEL classification: D10; D44; D84; G10; Z111. IntroductionOver the last half century, a growing literature ineconomics has substantially improved our knowledgeof the risk-return properties of diversified art portfolios,the correlation patterns between artwork characteristicsand prices, and the impact of shifts in income andwealth distributions—and in market sentiment—onaverage art prices. These quantitative, econometricstudies have been useful in documenting the integrationof the market for art into a broader economic and socialcontext, but this framework of analysis also has itslimits. Focusing on the aggregate time-series dynamicsand average cross-sectional pricing differences masksconsiderable idiosyncratic variation that is peculiar to thedemand and appreciation of art, and is potentially highlyrelevant to economists seeking to understand how pricesare set, to (typically undiversified) collector-investors,and to observers of the art market wishi