The New York Times > Business > Your Money > Investing
By TIM GRAY
Published: August 29, 2004
“Professor Moses, who teaches management at New York University, figures the painting has appreciated about 13 percent a year since he and his wife bought it about a decade ago.
That is more than just guesswork. He has spent four years studying the value of artwork, and he and Jianping Mei, an N.Y.U. finance professor, have devised an index that tracks the value of art sold, mainly by the Sotheby’s and Christie’s auction houses in New York. Their index includes more than 13,000 transactions going back to 1875. ”