2William J. Baumol: Unnatural Value: Or Art Investment as Floating Crap Game. The American Economic Review,Vol. 76, No. 2, Papers and Proceedings of the Ninety- Eighth Annual Meeting of the American Economic Association (May, 1986) ,pp. 10 -14.
3Douglas J. Hodgson and Keith P. Vorkink : Asset Pricing Theory and the Valuation of Canadian Paintings. The Canadian Journal of Economics. Vol. 37,No. 3(Aug. ,2004).
4M. A. Louarg and J.R. McDanlel: Price Efficiency in the Art Auction Market. Journal of Cultural Economics, 1991 ,Volume 15, Number 2, Pages 53 - 65.