Publication details
Investiční potenciál uměleckých děl : případová studie
| Title in English | On the investment potentialityof works of art : case study |
|---|---|
| Authors | |
| Year of publication | 2023 |
| Type | Article in Periodical |
| Magazine / Source | Acta Sting |
| MU Faculty or unit | |
| Citation | |
| Web | https://www.actasting.cz/2023/ |
| Keywords | fine art auctions; investment; yield; repeat sales |
| Description | This article aims to describe and analyse the phenomenon of investments in art and the risks associated with it. It first attempts to place in time the moment when works of art first became the object of economic speculation and concludes that the phenomenon of art investment was the result of a combination of artist freedom and market freedom in France at the end of the 19th century. The text then examines the profitability of art investment using the resale method, based on a dataset of resales of artworks at Sotheby's from 1985 to 2022. It examines not only the average returns for the fastest and slowest growing segments of the art market, but also the length of the investment horizon, the number of profitable transactions, and a comparison of average returns with those of alternative investments. When compared with earlier studies, the market under study shows stable characteristics, with most investments in this market being loss-making, and while there are differences between market segments, they are relatively small. |
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