Tài liệu The Market for Sculptures: an Adjacent Year Regression Index pptx

The Market for Sculptures:

an Adjacent Year Regression Index

Marilena Locatelli-Biey

Department of Economics

University of Torino - Italy

E-mail: [email protected]

Roberto Zanola

Department of Public Policy and Public Choice - Polis

Corso Borsalino, 50 – 15100 Alessandria - Italy

E-mail: [email protected]

ABSTRACT: This paper analyses the performance of an investment in sculptures during the period 1987-1995 by applying

the hedonic price technique with time dummy variables to a sample of over 27,000 sales occured at auctions. The main

finding is that the trend of the rate of return on an investment in sculptures is more stable than those associated to alternative

forms of investment during the analysed period.

JEL Classification Numbers: C5, Z1.

Key Words: Auction; Hedonic Price; Sculpture; Return.

1 Introduction

Sculptureistheartofproducinginthreedimensionsrepresentationsofnatural

orimaginedforms anditembraces avarietyofconstruction-techniques aswell

as a variety ofmaterials

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. T he mostimportantclassi…cation ofsculpture is

basedontherawmaterialused, butitis alsoimportantthesize, thefunction,

andtheperiodoftheproduction.

T he marketforsculptures has characteristics thatmake itdi¤erentfrom

othermarkets forcollectibles. A lthough similartothe marketforpaintings,

the marketforsculptures is smallerthan it, with about3-5 per-centoftotal

collectiblessoldatauctions. A numberofreasonsexplainthis, suchastechnical

di¢culties andthehighcosts ofproductionas wellas thefactthatsculptures

needappropriatespacestobeplacedorbecauseofthelowernumberofsculpture

collectors thanpaintingcollectors [L ocatelli-B ieyandZ anola, 19 9 9 a].

T hepurposeofthispaperis toexaminetheinvestmentvalueofsculptures.

A lthoughthereareanumberofstudies thathaveinvestigatedtheinvestment

valueofcollectibles, suchaspaintings[A nderson, 19 74;Stein, 19 77;B uelensand

G insburgh, 19 9 3;delaB arreetal., 19 9 4;Chanel, 19 9 5;Chaneletal., 19 9 6;

M ossettoand L azzaro, 19 9 6;A gnelloand P ierce, 19 9 6; Candelaand Scorcu,

19 9 7;R enneboogand V an H outte, 19 9 8;A gnelloand P ierce, 19 9 8;L ocatelli￾B ieyandZ anola, 19 9 9 b], prints [Pesando, 19 9 3], violins [R oss andZ ondervan,

19 89 ], wine [N erlove, 19 9 5; Combis etal., 19 9 7], antique furniture [G raeser,

1 T herawmaterialdependsontheconstructiontechnique. H andmodellingusesterracotta,

orrawmaterialthatallows toproduceglazedceramics. Castingisanancienttechniquewhich

uses bronze. Carvingis performed by usinganumberofdi¤erentmaterials, such as marble,

stone, wood, ivory, bone, and, more recently, plasterand resin.

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