Study conducted by Yale School of Management and Tilburg University Discover Trends in Art Prices
took data that dated to 1765 and mainly within the British art-market.
While a variety of factors can be attributed to the record-breaking
increase in the prices of art, particularly the impressive auction sale
results of late some interesting findings emerged. New trends include
the global art market, its connective impact and the competitive bidding
it has generated. The most impressive figure was the ratio of income by
top earners to prices- "one percentage point increase in the share of
total income earned by the top 0.1% triggers an increase in art prices
of about 14 percent" (Knight, L.A.Times).
More on this story in the L.A. Times