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Circumstantial evidence suggests that private collectors are strongly subject to the endowment effect (an art object owned is evaluated higher than one not owned), the opportunity cost effect (most collectors isolate themselves from considering the returns of alternative uses of the funds)2 and the sunk cost effect (past efforts of building up a collection play a large role)3.
Some of these anomalies, especially the endowment effect, are also relevant for owners of private homes, which constitutes an additional reason why the rates of return on art should be compared to rates of return on houses.
This endowment effect leads to a major difference between willingness-to-pay and willingness-to-accept which, according to standard economic theory, should be equal.
The endowment effect helps to explain the idea behind the "patrimoine nationale" of art.
Once it is hypothesized that an art object never existed, or has been lost for a long time, the endowment effect vanishes and the evaluation of the respective art object is dramatically lower.
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