TY  - UNPD
A1  - Kräussl, Roman
A1  - Lehnert, Thorsten
A1  - Martelin, Nicolas
T1  - Is there a bubble in the art market?
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 493
N2  - The record-breaking prices observed in the art market over the last three years raise the question of whether we are experiencing a speculative bubble. Given the difficulty to determine the fundamental value of artworks, we apply a right-tailed unit root test with forward recursive regressions (SADF test) to detect explosive behaviors directly in the time series of four different art market segments (“Impressionist and Modern”, “Post-war and Contemporary”, “American”, and “Latin American”) for the period from 1970 to 2013. We identify two historical speculative bubbles and find an explosive movement in today’s “Post-war and Contemporary” and “American” fine art market segments.
T3  - CFS working paper series - 493 
KW  - Art market
KW  - Alternative investments
KW  - Speculative bubbles
KW  - Explosive behavior
Y1  - 2014
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/35581
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-355818
UR  - https://www.ifk-cfs.de/fileadmin/downloads/publications/wp/2014/CFS_WP_493.pdf
IS  - May 2014
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -