{"title":"定价艺术与定价艺术:艺术品拍卖市场的回报与风险","authors":"Yuexin Li, Marshall Xiaoyin Ma, L. Renneboog","doi":"10.2139/ssrn.3889224","DOIUrl":null,"url":null,"abstract":"We study price determinants and investment performance of art based on a vast sample of transactions around the world over the past 60 years. Art has appreciated at a real (nominal) annual return of 2.49% (6.24%). Higher art returns are reached for paintings at high-end of the price distribution, for oil paintings, for more recent art movements, for transactions by reputable auction houses. The risk-return tradeoff of paintings underperforms that of other passion investments. Paintings’ Sharpe ratios are below those of stocks, bonds, and gold but outperform commodities and real estate. Investments in paintings also enter the optimal investment portfolio.","PeriodicalId":18891,"journal":{"name":"Mutual Funds","volume":"56 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2021-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"4","resultStr":"{\"title\":\"Pricing Art and the Art of Pricing: On Returns and Risk in Art Auction Markets\",\"authors\":\"Yuexin Li, Marshall Xiaoyin Ma, L. Renneboog\",\"doi\":\"10.2139/ssrn.3889224\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We study price determinants and investment performance of art based on a vast sample of transactions around the world over the past 60 years. Art has appreciated at a real (nominal) annual return of 2.49% (6.24%). Higher art returns are reached for paintings at high-end of the price distribution, for oil paintings, for more recent art movements, for transactions by reputable auction houses. The risk-return tradeoff of paintings underperforms that of other passion investments. Paintings’ Sharpe ratios are below those of stocks, bonds, and gold but outperform commodities and real estate. Investments in paintings also enter the optimal investment portfolio.\",\"PeriodicalId\":18891,\"journal\":{\"name\":\"Mutual Funds\",\"volume\":\"56 1\",\"pages\":\"\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2021-07-19\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"4\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Mutual Funds\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3889224\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Mutual Funds","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3889224","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Pricing Art and the Art of Pricing: On Returns and Risk in Art Auction Markets
We study price determinants and investment performance of art based on a vast sample of transactions around the world over the past 60 years. Art has appreciated at a real (nominal) annual return of 2.49% (6.24%). Higher art returns are reached for paintings at high-end of the price distribution, for oil paintings, for more recent art movements, for transactions by reputable auction houses. The risk-return tradeoff of paintings underperforms that of other passion investments. Paintings’ Sharpe ratios are below those of stocks, bonds, and gold but outperform commodities and real estate. Investments in paintings also enter the optimal investment portfolio.
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