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The Portuguese contemporary art as an investment
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Resumo(s)
In this paper we investigate what drives the
prices of Portuguese contemporary art at auction and explore the potential of art as
an asset.
Based on a hedonic prices model we construct
an Art Price Index as a proxy for the Portuguese contemporary art market over the period of 1994 to 2014.
A performance analysis suggests that art underperforms the S&P500 but overperforms the
Portuguese stock market and American Government bonds.
However, It does it at the cost of higher risk.
Results also show that art as low correlation
with financial markets, evidencing some potential in risk mitigation when added to
traditional equity portfolios.
Descrição
Palavras-chave
Art Finance Investment Returns