id	author	title	date	pages	extension	mime	words	sentences	flesch	summary	cache	txt
work_46wmz2hmybd3bp23vpzkxqofpi	Luc Renneboog	Buying Beauty: On Prices and Returns in the Art Market	2013	32	.pdf	application/pdf	13846	1380	72	Based on the resulting price index, we conclude that art has appreciated in value by a Key words: art; auctions; hedonic regressions; investments; repeat-sales regressions; sentiment. new data set of nearly 1.1 million auction sales to re-examine the price formation and returns in the art We perform a hedonic regression analysis which relates transaction prices to a wide range of valuedetermining characteristics and year effects. The estimated returns on art vary with data, methodology, and the time period under consideration In this paper, we construct a price index for art using the hedonic regression methodology. the art market follow recent sales prices, this implies a return measurement bias when the market reverses (Goetzmann real returns on art are based on our corrected price index Π*, and are shown in Table 3. The real returns on art are based on our corrected price index Π*, and are shown in 	./cache/work_46wmz2hmybd3bp23vpzkxqofpi.pdf	./txt/work_46wmz2hmybd3bp23vpzkxqofpi.txt