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dc.contributor.authorC. Worthington, Andrew
dc.contributor.authorHiggs, Helen
dc.date.accessioned2018-05-15T01:30:14Z
dc.date.available2018-05-15T01:30:14Z
dc.date.issued2004
dc.date.modified2009-03-16T03:45:08Z
dc.identifier.issn08105391
dc.identifier.doi10.1111/j.1467-629X.2004.00108.x
dc.identifier.urihttp://hdl.handle.net/10072/21737
dc.description.abstractThe 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.
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.languageEnglish
dc.language.isoeng
dc.publisherBlackwell Publishing Asia
dc.publisher.placeAustralia
dc.relation.ispartofpagefrom257
dc.relation.ispartofpageto271
dc.relation.ispartofissue2
dc.relation.ispartofjournalAccounting and Finance
dc.relation.ispartofvolume44
dc.subject.fieldofresearchApplied Economics
dc.subject.fieldofresearchAccounting, Auditing and Accountability
dc.subject.fieldofresearchBanking, Finance and Investment
dc.subject.fieldofresearchcode1402
dc.subject.fieldofresearchcode1501
dc.subject.fieldofresearchcode1502
dc.titleArt as an investment: Risk, return and portfolio diversification in major painting markets
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
dc.description.versionAccepted Manuscript (AM)
gro.rights.copyright© 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)
gro.date.issued2004
gro.hasfulltextFull Text
gro.griffith.authorWorthington, Andrew C.


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