Art and Money
研究股票市场和顶层收入对艺术价格的影响，发现股票收益和收入不平等会推高艺术价格，且顶层收入与艺术价格存在长期关系。
This paper investigates the impact of equity markets and top incomes on art prices. Using a newly constructed art market index, we demonstrate that equity market returns have had a significant impact on the price level in the art market over the last two centuries. We also find evidence that an increase in income inequality may lead to higher prices for art. Finally, the results of Johansen's cointegration tests strongly suggest the existence of a long-run relation between top incomes and art prices.