Art as an investment: The market for modern prints
利用1977-92年现代版画拍卖的重复销售数据估算半年度价格指数，发现版画投资回报不如传统金融资产，且拍卖价格噪音大，不支持某些艺术家在特定国家价格更高或杰作跑赢市场的观点。
Repeat sales of modern prints at auction are used to estimate a semiannual index of prices for the period 1977-92. As in other studies of art as an investment, prints do not compare favorably to traditional financial assets. There is substantial noise in auction prices but little or no support for the proposition that some artists command higher prices in certain countries or that masterpieces outperform the market. One puzzle is the continuing tendency for prices realized at certain auction houses to exceed those realized at others: notably, at Sotheby's relative to Christie's in New York. Copyright 1993 by American Economic Association.