1. Ruggiero Ricci, a master violinist was reported to have sold his famed violin for $3m in 1999, and more recently in 2006 a Stradivarius violin at auction reaching $3.5m.
2. Common reasons for forced sales, such as from debt, death and divorce result in a more representative data sample.
3. Stein, J. P. (1977) ‘The monetary appreciation of paintings’, Journal of Political Economy, Vol. 85, No. 5, pp. 1021–1035.
4. Goetzman, W. (1992) ‘Accounting for taste, art and the financial markets over 3 centuries’, AER, Vol. 83, No. 5, pp. 1370–1376.
5. Okunev, J. and White, D. (2003) ‘Hedge fund risk factors and value at risk of credit trading strategies’, Working Paper, University of New South Wales.