Emotional Yields of Collectibles
Abstract
We propose a novel method to estimate emotional yields of collectibles based on factor-mimicking portfolios. Using up to 110 years of collectibles returns for 13 distinct asset classes, we apply machine learning techniques to address challenges from non-synchronous trading. We use these estimates to study how emotional yields affect equilibrium pricing. Emotional yield estimates for 24 of our 30 collectibles return series are positive, with an annualized mean (median) of 2.64% (2.53%). Despite various forms of underestimation, these results provide evidence that assets with positive emotional returns have lower equilibrium financial returns.
Fields of Study & Subjects
Aesthetic Perception and Analysis
Art History and Market Analysis
Crafts
Textile
and Design
Publication details
- Journal / source
- Financial Analysts Journal
- Publisher
- Informa UK Limited
- Volume
- 82
- Issue
- 2
- Pages
- 19–45
- Publication date
- 3 April 2026
- Language
- EN