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  • Art as an investment: Risk, return and portfolio diversification in major painting markets

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    48770_1.pdf (132.5Kb)
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    Accepted Manuscript (AM)
    Author(s)
    C. Worthington, Andrew
    Higgs, Helen
    Griffith University Author(s)
    Worthington, Andrew C.
    Year published
    2004
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    Abstract
    The present paper examines risk, return and the prospects for portfolio diversification among major painting and financial markets over the period 1976-2001. The art markets examined are Contemporary Masters, French Impressionists, Modern European, 19th Century European, Old Masters, Surrealists, 20th Century English and Modern US paintings. The financial markets comprise US Treasury bills, corporate and government bonds and small and large company stocks. In common with the published literature in this area, the present study finds that the returns on paintings are much lower and the risks much higher than conventional ...
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    The present paper examines risk, return and the prospects for portfolio diversification among major painting and financial markets over the period 1976-2001. The art markets examined are Contemporary Masters, French Impressionists, Modern European, 19th Century European, Old Masters, Surrealists, 20th Century English and Modern US paintings. The financial markets comprise US Treasury bills, corporate and government bonds and small and large company stocks. In common with the published literature in this area, the present study finds that the returns on paintings are much lower and the risks much higher than conventional investment markets. Moreover, while low correlations of returns suggest that opportunities for portfolio diversification in art works alone and in conjunction with equity markets exist, the construction of Markowitz mean-variance efficient portfolios indicates that no diversification gains are provided by art in financial asset portfolios. However, diversification benefits in portfolios comprised solely of art works are possible, with Contemporary Masters, 19th Century European, Old Masters and 20th Century English paintings dominating the efficient frontier during the period in question.
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    Journal Title
    Accounting and Finance
    Volume
    44
    Issue
    2
    DOI
    https://doi.org/10.1111/j.1467-629X.2004.00108.x
    Copyright Statement
    © 2004 AFAANZ. This is the peer reviewed version of the following article: Art as an investment: risk, return and portfolio diversification in major painting markets, Accounting and Finance, Volume 44, Issue 2, Pages 257-271, which has been published in final form at https://doi.org/10.1111/j.1467-629X.2004.00108.x. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving (hhttp://olabout.wiley.com/WileyCDA/Section/id-828039.html)
    Subject
    Applied Economics
    Accounting, Auditing and Accountability
    Banking, Finance and Investment
    Publication URI
    http://hdl.handle.net/10072/21737
    Collection
    • Journal articles

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