From Canvas to Blockchain: Impact of Royalties on Art Market Efficiency

This paper benefited from the comments of Yuxin Chen; Jiajia Cong; Amin Sayedi; Upender Subramanian; John Zhang; Bobby Zhou; seminar participants at the Chinese University of Hong Kong, Shenzhen, the Hong Kong University of Science and Technology, Hong Kong Polytechnic University, the Korea Advanced Institute of Science and Technology, Temple University, UCL, the University of Science and Technology of China, and the 2025 Online Marketing Theory Seminar; and the attendees of the HK Quant Marketing Workshop, 2023 TPM Conference, 2023 Asia-Pacific Industrial Organization Society Conference, 2024 APMA Conference, 2024 INFORMS Society for Marketing Science Conference, and 2024 CMAU Conference. It is the second author’s dissertation chapter at the Chinese University of Hong Kong. The authors are listed in alphabetical order and contributed equally to this paper.