Tinotenda Chigasa Earlham College, Uyen Nguyen Earlham College
Faculty Sponsor(s): Rajaram Krishnan Earlham CollegeThe two primary reasons people purchase artwork is for its aesthetic and financial value. This paper aims to develop a framework to capture the aesthetic value of art by decomposing the financial and aesthetic returns of modern and contemporary South Asian art in India from 2009. To do this, we construct a price index model to measure the financial returns of investing in South Asian art sold in major auction houses in India. We use the price index to calculate the returns from investing in South Asian art. We then compare these returns versus the returns from more traditional financial assets. We report the difference between the return from art and from the more traditional asset classes, which we define as the value of aesthetics.
When & Where
Lilly Hall 141