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    Art and the Economy: A First Look at the Market for Paintings in Turkey
    (Economics Bulletin, 2006) Seckin, Aylin; Atukeren, Erdal
    We investigate the relationships between the return on investments in paintings and other financial investments in Turkey. To this aim, we estimate a hedonic price index for a portfolio of Turkish painters. We find that investing in the market for paintings is a viable alternative even in an environment of high inflation and large macroeconomic volatility. The portfolio under investigation yielded a small but positive real return. Still, stock market returns are higher than the returns in the art market. Furthermore, we find a rather high correlation between stock returns and art market returns. However, the returns to investing in paintings are negatively correlated with the returns on traditional investment alternatives in a developing country context, such as foreign exchange, gold, and bank deposits. Hence, there might exist some room for portfolio diversification. Nevertheless, the time horizon of the investments is a key factor especially in portfolios involving art objects.
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    Black notes and white noise: a hedonic approach to auction prices of classical music manuscripts
    (Springer, 2013) Georges, Patrick; Seckin, Aylin
    The literature on art auctions has overlooked the market for classical music manuscripts, and this paper explores, for the first time, the determinants of 'hammer' prices for about 360 classical music manuscripts auctioned at Sotheby's (London) during the 1998-2009 period. We use hedonic price regressions in order to explain the price of classical music manuscripts by several characteristics. The paper shows that the 'trace' of the composer (e.g. whether the manuscript is fully or partly in the hand of the composer or in a scribal hand), the artistic value of the composition, the number of pages, the period (Baroque, Classical, etc.), and of course the name of the composer and the relative scarcity of his manuscripts, are all characteristics that contribute to explain the hammer price of these manuscripts. However, parameter estimates for characteristics such as the type of music (symphony, opera, etc.) and whether the manuscript is the complete work or some fragment (say, one movement) are not statistically significant. The paper also estimates a hedonic price index that provides a measure of the average returns and (high) risk of collecting and investing in music manuscripts.
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    Demographic Dividends in the South', Ageing North', and South-South' Trade Diversification
    (Routledge Journals, Taylor & Francis Ltd, 2016) Georges, Patrick; Seckin, Aylin
    The absence of clear convergence in incomes per capita and welfare between the North and the South, even in the face of spectacular growth rates in GDP in the emerging South, might be due to a terms of trade deterioration resulting from an expansion of production in the South which depresses the product's price on world markets. This may originate from a technical catch up and also from a demographic dividend in the South relative to an ageing North. This article illustrates that some South-South trade diversification might mitigate the terms of trade deterioration and increase welfare gains in the South. We use a multicountry overlapping-generation general equilibrium model to simulate the magnitude of the terms of trade effect due to a demographic dividend in Turkey, and show that some trade diversification away from EU toward the South is a welfare improving policy for Turkey.
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    DETERMINANTS OF SALES RATES AT TURKISH ART AUCTIONS
    (Akademiai Kiado Rt, 2012) Atukeren, Erdal; Seckin, Aylin
    We examine the determinants of the overall sales rates at art auctions in Turkey. We use a unique dataset that covers 79 auctions that took place between January 2005 and February 2008. After controlling for auction house differences, seasonal factors and the price levels of the auctions, we find that the expectations about the economic developments and consumption patterns play an important role in explaining the sales rates differentials across different auctions taking place over time.
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    From pro-natalist rhetoric to population policies in Turkey? An OLG general equilibrium analysis
    (Elsevier, 2016) Georges, Patrick; Seckin, Aylin
    We build an overlapping generation (OLG) general equilibrium model of Turkey with survival rates and endogenous labour supply to simulate the economic, fiscal, welfare, and intergenerational redistribution impacts of the medium and high fertility demographic scenarios projected by the United Nations. We assume that the high fertility variant is a realistic demographic proxy for pro-natalist policies in Turkey, Our results show that on a purely economic basis, a higher fertility scenario in Turkey appears open to criticisms as it cannot offset the social security pressures of ageing, and it also involves intergenerational welfare redistributions so that current young adults are unlikely to endorse natalist rhetoric and policies. (C) 2016 Elsevier B.V. All rights reserved.
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    On the valuation of psychic returns to art market investments
    (Economics Bulletin, 2007) Atukeren, Erdal; Seckin, Aylin
    Investing in art objects yields financial and psychic returns. The psychic returns arise since art has a superior consumption good aspect as well. The question is whether it is possible to measure the psychic returns. One valuation method for estimating the psychic returns to investing in artworks is their rental price. Here, we make use of the prices charged by a Canadian fine art company for its art rental services and calculate the implied psychic returns to be about 28 percent. Next, we review the finance-theoretic approaches to measuring the psychic returns to investing in artworks. We follow Hodgson and Vorkink's (2004, Canadian Journal of Economics) suggestion that the alpha parameter in the CAPM captures the extent of net psychic returns. The evidence on alpha from the art market applications of the CAPM coupled with the transaction cost data from international art auctions also suggests that the psychic returns to investing in artworks might amount to about 28 per cent.
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    The Immigrant Wage Gap in Canada: Quebec and the Rest of Canada
    (Canadian Public Policy, 2010) Nadeau, Serge; Seckin, Aylin
    This paper examines the nature of the differences in the wage gap between Canadian born males and immigrant males in Quebec and in the rest of Canada (ROC) over the period 1980-2000. Relative to Canadian born individuals, immigrants in the ROC have been consistently, and increasingly, faring better in terms of wages than immigrants in Quebec. We cannot conclude that this is a consequence of Quebec having different immigration policies than the ROC, as the wage gap would be even larger if Quebec attracted the same immigrants as the ROC, nor can we conclude that immigrants are more discriminated against in Quebec. We find that the increased differential in the Quebec-ROC immigrant wage gap mostly reflects changes in the premium earned by immigrants who become citizens over those who remain landed immigrants; this premium virtually disappeared in Quebec while remaining stable in the ROC over the period.