Multiplying Factor: Art Prices Rise with Income Inequity
Study conducted by Yale School of Management and Tilburg University Discover Trends in Art Prices
Study 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
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