My da|ra Login

Detailed view

metadata language: English

Replication data for: Art as an Investment and Conspicuous Consumption Good

Resource Type
  • Mandel, Benjamin R.
Publication Date
  • Abstract

    This paper provides a simple and empirically plausible model of artworks as investment vehicles. It reconciles the observation that average financial returns for collectibles are low and volatile with the theory of consumption-based asset pricing. Art assets are appealing both for their ability to transfer consumption over time and for their use as signals of wealth, as in the literature on the demand for luxuries. Adding art value to utility, returns also reflect this "conspicuous consumption" dividend; as a result, average financial returns are low. Risk premia for artworks are predicted to be modest or even negative. (JEL G11, Z11)
This study is freely available to the general public via web download.
  • Is version of
    DOI: 10.3886/E113326
  • Mandel, Benjamin R. “Art as an Investment and Conspicuous Consumption Good.” American Economic Review 99, no. 4 (August 2009): 1653–63.
    • ID: 10.1257/aer.99.4.1653 (DOI)

Update Metadata: 2020-08-24 | Issue Number: 1 | Registration Date: 2020-08-24

Mandel, Benjamin R. (2009): Replication data for: Art as an Investment and Conspicuous Consumption Good. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset.