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Article

On Rarity Premium and Ownership Yield in Art

Hélyette Geman and Tara Velez
The Journal of Alternative Investments Summer 2015, 18 (1) 8-21; DOI: https://doi.org/10.3905/jai.2015.18.1.008
Hélyette Geman
is the director of the Commodity Finance Centre at Birkbeck College, University of London in London, England.
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  • For correspondence: hgeman@hotmail.com
Tara Velez
is a PhD candidate at Birkbeck College, University of London in London, England.
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  • For correspondence: tmvelez02@hotmail.com
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Abstract

In recent years, the art market has been characterized by final auction prices greatly exceeding the ex ante estimates published by international auction houses. We define this difference as a rarity premium and build a Rarity Index by aggregating the premia relative to the mean. We also investigate the benefits, aside from financial performance, associated with art ownership and introduce the term “ownership yield” meant to encapsulate both aesthetic yield and “conspicuous possession.” This ownership yield may account for the large differences between the values of rarity indexes we construct for three famous families of paintings over the period 2003–2013, and those of repeat sales or hedonic art indexes.

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The Journal of Alternative Investments: 18 (1)
The Journal of Alternative Investments
Vol. 18, Issue 1
Summer 2015
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On Rarity Premium and Ownership Yield in Art
Hélyette Geman, Tara Velez
The Journal of Alternative Investments Jun 2015, 18 (1) 8-21; DOI: 10.3905/jai.2015.18.1.008

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On Rarity Premium and Ownership Yield in Art
Hélyette Geman, Tara Velez
The Journal of Alternative Investments Jun 2015, 18 (1) 8-21; DOI: 10.3905/jai.2015.18.1.008
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  • Article
    • Abstract
    • MEASURING THE PERFORMANCE OF THE ART MARKET
    • AN ALTERNATIVE ART INDEX
    • OWNERSHIP YIELD
    • RARITY INDEXES: DATA AND RESULTS
    • EMPIRICAL RESULTS AND DISCUSSION
    • CONCLUSION
    • APPENDIX
    • REFERENCES
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  • PDF (Subscribers Only)

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