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Does the sun 'shine' on art prices?

Research output: Contribution to journalJournal article

<mark>Journal publication date</mark>04/2012
<mark>Journal</mark>Journal of Economic Behavior and Organization
Issue number1
Number of pages12
Pages (from-to)167–178
Publication statusPublished
Early online date6/02/12
Original languageEnglish


This paper examines how variation in mood inuences subjective risk and hence auction prices for art in London during the period 1990-2007. The private value of an object is closely related to taste and mood which is proxied for by the variation in weather. Using a unique data set that includes presale estimates for paintings sold through Sotheby's and Christie's auction houses as well as weather data for London from the British Atmospheric Data Centre we _nd that the lower part of the price distribution is populated with paintings with a relative high private value, whereas in the upper part, prices are driven primarily by the common value characteristics. Our findings have important implications for collectors and investors in the art market.