an endogenous Representation of the contemporary art market cycle SPECULATION AND DECOUPLING OF ARTI

From 2002 to 2008, the contemporary art market price index underwent rapid growth, giving rise to fears of the bursting of a speculative bubble, as in 1990. However, the overall returns posted mask wide variations that can be appreciated only through extensive knowledge of the processes pertaining to artists' histories. In fact, the growing market value of an artist whose artistic reputation has not been established can be viewed as the outcome of a speculative process. It is then possible, under certain conditions that are discussed here, to evaluate speculation on this market by the degree of linkage between the Artprice classification of market value and the Kunst Kompass classification of artists' reputations.