Proceedings of the Fourth Workshop on Computer Modelling in Decision Making (CMDM 2019)

Empirical Analysis of Investments on the Fine Art Market

Authors
Anna Zhukova, Valeriya Lakshina, Liudmila Leonova
Corresponding Author
Anna Zhukova
Available Online 12 December 2019.
DOI
10.2991/ahcs.k.191206.012How to use a DOI?
Keywords
investment decisions, fine art market, hedonic art price index, fine art investment risk
Abstract

The instability of the stock market spurs investors to seek alternative ways of allocating financial resources. In this case, art assets could be considered as an attractive investment. Due to the uniqueness, specific costs, and risks inherent to the artworks, the fine art market is very heterogeneous and needs special treatment. In this article, we investigate attractiveness of the fine art market for investors in several ways. First, we construct hedonic art price indexes using the time dummy variable method based on the quantile regression. Secondly, we assess the art assets risk through CAPM model. Data include 536660 observations about oil paintings on auctions around the world during 2005–2015. According to the estimation results, the postwar paintings sold in the high price sector could be considered as an attractive sector for the investors but its acquisition is accompanied by a relatively high risk compared to the operation on the stock market.

Copyright
© 2019, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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Volume Title
Proceedings of the Fourth Workshop on Computer Modelling in Decision Making (CMDM 2019)
Series
Atlantis Highlights in Computer Sciences
Publication Date
12 December 2019
ISBN
10.2991/ahcs.k.191206.012
ISSN
2589-4900
DOI
10.2991/ahcs.k.191206.012How to use a DOI?
Copyright
© 2019, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

TY  - CONF
AU  - Anna Zhukova
AU  - Valeriya Lakshina
AU  - Liudmila Leonova
PY  - 2019
DA  - 2019/12/12
TI  - Empirical Analysis of Investments on the Fine Art Market
BT  - Proceedings of the Fourth Workshop on Computer Modelling in Decision Making (CMDM 2019)
PB  - Atlantis Press
SP  - 67
EP  - 72
SN  - 2589-4900
UR  - https://doi.org/10.2991/ahcs.k.191206.012
DO  - 10.2991/ahcs.k.191206.012
ID  - Zhukova2019
ER  -