How Did Japanese Investments Influence International Art Prices?
利用国际艺术价格、进出口流量和股市数据，检验了日本收藏家对艺术品的需求与艺术价格及日本股价的正相关关系，尤其在泡沫时期更为显著。
Abstract We test the luxury consumption hypothesis of Ait-Sahalia, Parker, and Yogo (2004), using a unique international art price, import/export flow, and stock market data set. We find that the demand for art by Japanese collectors is positively correlated with art prices and Japanese stock prices. This correlation is magnified during the “bubble period” of the Japanese economy (the mid-1980s to the early 1990s) and gains even further strength for works of art typically favored by Japanese collectors. Our results suggest that Japanese investors (or Japanese asset markets) indeed affect international art prices—especially during the bubble period and its aftermath.