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Bachelor Thesis from the year 2026 in the subject Business economics - Investment and Finance, grade: 90/100, IE University (School of Politics, Economics and Global Affairs), course: Bachelor in Economics, language: English, abstract: This paper develops and tests a wealth-channel framework for the transmission of monetary policy to art-market prices. Using an original dataset from the Artprice Econometrics Department, we examine quarterly returns on the Artprice Global Index from 1998Q1 through 2026Q1. We also analyze four art-historical segment indices at annual frequency from 2000 through 2024. Based on this dataset, we estimate a five-layer architecture. This includes baseline OLS with Newey-West HAC standard errors, an autoregressive distributed lag (ARDL) specification, a Baron-Kenny mediation test, threshold regressions for regime dependence, and a segment-level decomposition. The Federal Reserve top-1% wealth share (FRED: WFRBST01134) is adopted as the primary wealth proxy because it is theoretically aligned with the hypothesis that ultra-high-net-worth collectors are the marginal buyers and because it strictly excludes household art holdings, removing the construction-endogeneity concern that affects the Z.1 net-worth series. We argue that expansionary monetary policy raises the wealth of these collectors, whose deferred consignment and bidding decisions feed into auction prices with a six- to eighteen-month lag anchored in the biannual auction calendar. Identification rests on a structural micro-foundation, a falsifiable lag prediction confirmed by the ARDL coefficient pattern and by practitioner testimony, and a natural-experiment test against the 2022 to 2024 Federal Reserve tightening cycle. The Layer 1 baseline yields a wealth coefficient of +3.68 (HAC SE 1.39, p = 0.016), rising to +4.44 (p = 0.002) when high-influence years are excluded. The annual ARDL(1,1) long-run multiplier on the policy rate is -5.36 (p = 0.045) and on the top-1% wealth share i
