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THE AUCTION MARKET FOR MODERN PRINTS: CONFIRMATIONS, CONTRADICTIONS, AND NEW PUZZLES
- Article from:
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Economic Inquiry
- Article date:
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April 1, 2008
- Author:
- Pesando, James E; Shum, Pauline M
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Copyright informationCopyright Western Economic Association Apr 2008. Provided by ProQuest LLC. (Hide copyright information)
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Using a large data set with 80,214 repeat sales, we find that the real return on a diversified portfolio of modern prints sold at auctions worldwide averaged a modest 1.51% during the period 1977-2004. We address several issues regarding the performance of modern prints as investments: the selection bias arising from the self-interest of auction houses; the impact of an ever-expanding universe of auction houses on investment returns; the "masterpiece" effect, or whether more expensive works of art outperform the market as a whole; and the differences in returns that arise due to random fluctuations in collector tastes.
(JEL Z11, G11, G14)
ABBREVIATIONS
CAPM: Capital Asset Pricing Model
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Print and drawing fair returns to the twin cities.(Brief Article)
Art Business News;
April 1, 2003 ;
300 words
......E. Lewis & Daughter from San Rafael, will participate with Old Master and modern prints. Rounding out the list are Jan Johnson Old Master and Modern Prints from Montreal, with European prints dating from 1490 through 1940 and Canadian...
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PENGUIN CLASSICS.(Brief Article)
WWD;
December 6, 2000 ;
49 words
......the slew of colors that bombarded runways recently, designers are returning to this classic combination with fresh, modern prints or solids for spring. Here, DKNY's acrylic, nylon and spandex halter and cotton skirt. For more, see pages 6 and...
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Why don't you etch? Although virtually all the great twentieth-century...
Apollo;
January 1, 2006 ;
Gayford, Martin;
787 words
......An obvious way in which this has happened is sheer scale. Modern prints are in some cases enormous. Richard Serra's Weight and Measure...have been anathema since Whistler's day. The production of modern prints is controlled as closely as that of bank notes (perhaps more...
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Box Office: Last Chance
The Independent - London;
June 27, 2000 ;
42 words
...FACES OF THE CENTURY is a photographic representation of the last 100 years of British history featuring 100 vintage and modern prints, selected by a panel which included David Bowie and Professor Stephen Hawking. Royal Photographic Society, Bath (01225 462841) ends Sun
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Cardinals Broadcaster Raises $1M
AP Online;
January 21, 2001 ;
175 words
......Smith and Buck. Two hundred prints were made of the painting, and autographed prints sold for $2,500 each during the team's annual Winter Warm-up. The prints sold out during the event that came to a close Sunday at a hotel in downtown St. Louis...
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SPOT THE DOTS
Rocky Mountain News;
June 5, 2003 ;
Text by Lesley Kennedy Rocky Mountain News;
107 words
......Saint Laurent were just a few of the designers who dotted their dresses, pants and accessories with round splashes of color. Modern prints range from tiny specks to huge circles and can be subtly sweet or daringly bold. They fit right in with fashion's current...
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Amy's i: SITE OF THE DAY: www.magiceye.com.(Features)
The Mirror (London, England);
April 28, 2003 ;
34 words
...Byline: Amy Vickers TEACH yourself how to view Magic Eye, the irritatingly impossible prints sold in Athena. Instead of standing staring a picture in a shop, you can now sit and stare boss-eyed at your computer. Great.
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Happy birthday.(The Month in Fashion)
W;
May 1, 2005 ;
Karimzadeh, Marc;
87 words
......the Yellow Pages, is marking its 25th anniversary with a celebratory issue designed with Hermes. The luxury house provided modern prints for the cover, section tabs and various pages inside. [We wanted] to define the direction of fashion for the entire year...
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Appraisals are available by phone
Chicago Sun-Times;
February 14, 1986 ;
Alan P. Henry;
249 words
......good deal more than the owners believed possible. And numerous naive collectors have paid six and 10 times the real worth of modern prints. Now, a reasonably priced appraisal is a free phone call away, seven days a week. Telepraisal, at (800) 645-6002, is a service...
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Picasso linoleum cut, $80,500, Swann
Antiques & Collecting Magazine;
March 1, 2006 ;
Anonymous;
77 words
......Pablo Picasso titled, "Grand Tete de Femme au Chapeau," achieved a record price of $80,500 at a sale of Old Master Through Modern Prints held recently by Swann Galleries in New York. Also, a print of Rembrandt's, "Self Portrait Drawing at a Window" (etching...
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Sorted: FOXED BY CON ARTISTS.(Features)
The Mirror (London, England);
August 18, 2000 ;
Penman, Andrew Greenwood, Michael;
228 words
......claimed to act as fine art consultants. From an accommodation address in Mayfair, West London, it touted for investors in modern prints. For a minimum investment of pounds 1,000 it promised to find you prints and rent them to offices on your behalf, earning...
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R. S. Johnson acqires set of modern prints
Chicago Sun-Times;
August 28, 1987 ;
Mary Sherman;
497 words
...Through the end of August, R. S. Johnson Fine Arts will present a number of outstanding modern prints by several artists, along with an exhibition of sculptures and paintings by Paul Guiramand. The prints not only reflect many of...
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Alphington
Express & Echo (Exeter UK);
November 12, 2007 ;
127 words
...Prints show AN exhibition of old and modern prints and photographs of Alphington is taking place in the village hall, Ide Lane, on Saturday from 10am to 3pm. It has been compiled...
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An Increase of 35% in Auction Sales So Far This Year Results Benefit From...
PR Newswire;
July 11, 2008 ;
378 words
......seen successful inaugural sales for three new departments: Modern Prints in New York and Photographs and Old Master Paintings in Rome...landmark Russian Book sale in New York; Important Books, Modern Prints and Photographs in London; and Old Masters in addition to...
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