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"Finally, a couple of years ago, a group of economists began to look at these comparative indexes not simply for evidence of art’s investment value, but for an explanation of its price structure. William N. Goetzmann, Luc Renneboog, and Christophe Spaenjers suspected that equity market returns actually have a direct impact on art prices by increasing the buying power of the wealthy. So they compared art prices to income measures. As they report in their paper “Art and Money”, their analysis did not find a relationship between art returns and “overall income variables (such as GDP or total personal income)” but only with income inequality: art prices do not go up as a society as a whole becomes wealthier, but only when income inequality increases."

Andrea Fraser, “L’1% C’est Moi” in Texte zur Kunst 83, September 2011. Source.