Economic Review. Quarter I 1985
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چکیده
Beauty and the Bulls: The Investment Characteristics of Paintings . . . . . . . . . . 2 T h e rate of increase in fine paintings prices was large when compared with many other investments during the 1970s and was extraordinarily large from 1977 to 1980. One prominent explanation for the behavior of fine painting prices over this period is the ability of this asset to hedge against uncertain inflation. This article models the market. return for fine paintings from a n iqvestment perspective and investigates the influence . of uncertain inflation 'on painting rE;turns.
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