With Reiner Eichenberger

Journal of Cultural Economics 1995 (does not cite EER)^[1], title and abstract: "On the Return of Art Investment Return Analyses. We survey more than twenty studies estimating rates of return of investments in single art objects and whole collections and evaluate the various approaches to art price movements taken so far. The majority of the estimates find lower returns for investments in art objects than for investments in financial assets. However, most existing analyses are restricted to auction data and neglect transactions cost and taxation. They partly focus on mechanistic calculations and disregard the distinguishing institutional and behavioral characteristics of art markets. We look into the possibilities to capture and empirically estimate psychic returns from owning art."

European Economic Review 1995 (does not cite JCE)^[2], title and abstract: "On the rate of return in the art market: Survey and evaluation. Existing estimates of rates of return on single art objects and whole collections are surveyed and critically evaluated. The psychic benefits from art are, in the few cases they are considered at all, derived from the difference to financial returns on other markets. This paper discusses determinants of psychic benefits and suggests rental fees and willingness to pay studies as a possible way to analyze and estimate the psychic benefits from art."