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dc.contributor.authorWorthington, AC
dc.contributor.authorHiggs, H
dc.contributor.editorRobert Faff
dc.date.accessioned2006-07-11
dc.date.accessioned2017-03-01T20:57:25Z
dc.date.available2017-03-01T20:57:25Z
dc.date.issued2004
dc.date.modified2009-12-16T07:09:01Z
dc.identifier.issn0810-5391
dc.identifier.doihttp://dx.doi.org/10.1111/j.1467-629X.2004.00108.x
dc.identifier.urihttp://hdl.handle.net/10072/27600.1
dc.description.abstractThis 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 literature in this area, the 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.publisherWiley-Blackwell Publishing Asia
dc.publisher.placeMelbourne Australia
dc.publisher.urihttps://onlinelibrary.wiley.com/doi/full/10.1111/j.1467-629X.2004.00108.x
dc.relation.ispartofpagefrom257
dc.relation.ispartofpageto271
dc.relation.ispartofedition2004
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.fieldofresearchcode3801
dc.subject.fieldofresearchcode3501
dc.subject.fieldofresearchcode3502
dc.titleArt as an investment: risk return and portfolio diversification in major painting markets
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codec1x
gro.facultyGriffith Business School
gro.date.issued2004
gro.hasfulltextNo Full Text
gro.griffith.authorHiggs, Helen
gro.griffith.authorWorthington, Andrew C.


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