Arbeitspapier
Art as an alternative asset class: Risk and return characteristics of the Middle Eastern & Northern African art markets
This chapter analyzes the risk and return characteristics of investments in artists from the Middle East and Northern Africa (MENA) region over the sample period 2000 to 2012. With hedonic regression modeling we create an annual index that is based on 3,544 paintings created by 663 MENA artists. Our empirical results prove that investing in such a hypothetical index provides strong financial returns. While the results show an exponential growth in sales since 2006, the geometric annual return of the MENA art index is a stable13.9 percent over the whole period. We conclude that investing in MENA paintings would have been profitable but also note that we examined the performance of an emerging art market that has only seen an upward trend without any correction, yet.
- Sprache
-
Englisch
- Erschienen in
-
Series: CFS Working Paper Series ; No. 494
- Klassifikation
-
Wirtschaft
Portfolio Choice; Investment Decisions
Cultural Economics: Economics of the Arts and Literature
- Thema
-
Alternative investments
Art price index
Optimal Asset Allocation
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kräussl, Roman
- Ereignis
-
Veröffentlichung
- (wer)
-
Goethe University Frankfurt, Center for Financial Studies (CFS)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2014
- Handle
- URN
-
urn:nbn:de:hebis:30:3-356082
- Letzte Aktualisierung
-
20.09.2024, 08:21 MESZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Kräussl, Roman
- Goethe University Frankfurt, Center for Financial Studies (CFS)
Entstanden
- 2014
Ähnliche Objekte (12)
Sovereign credit ratings and their impact on recent financial crises
Does patience pay? - empirical testing of the option to delay accepting a tender offer in the U.S. banking sector : [Preliminary Version, September 26, 2006]
Constructing the true art market index - a novel 2-step hedonic approach and its application to the german art market
Stock market interactions and the impact of macroeconomic news – evidence from high frequency data of European futures markets : [Preliminary Version, June 2006]
Blockchain, fractional ownership, and the future of creative work
Stock market interactions and the impact of macroeconomic news: Evidence from high frequency data of European futures markets
Do markets love misery? Stock prices and corporate philanthropic disaster response
Has Europe been catching up? An industry level analysis of venture capital success over 1985 - 2009
The winner's curse on art markets
Does patience pay? Empirical testing of the option to delay accepting a tender offer in the US banking sector
Art collectors as venture capitalists
News media sentiment and investor behavior
Sovereign credit ratings and their impact on recent financial crises
Does patience pay? - empirical testing of the option to delay accepting a tender offer in the U.S. banking sector : [Preliminary Version, September 26, 2006]
Constructing the true art market index - a novel 2-step hedonic approach and its application to the german art market
Stock market interactions and the impact of macroeconomic news – evidence from high frequency data of European futures markets : [Preliminary Version, June 2006]
Blockchain, fractional ownership, and the future of creative work
Stock market interactions and the impact of macroeconomic news: Evidence from high frequency data of European futures markets
Do markets love misery? Stock prices and corporate philanthropic disaster response
Has Europe been catching up? An industry level analysis of venture capital success over 1985 - 2009
The winner's curse on art markets
Does patience pay? Empirical testing of the option to delay accepting a tender offer in the US banking sector
Art collectors as venture capitalists
News media sentiment and investor behavior
Sovereign credit ratings and their impact on recent financial crises
Does patience pay? - empirical testing of the option to delay accepting a tender offer in the U.S. banking sector : [Preliminary Version, September 26, 2006]
Constructing the true art market index - a novel 2-step hedonic approach and its application to the german art market
Stock market interactions and the impact of macroeconomic news – evidence from high frequency data of European futures markets : [Preliminary Version, June 2006]
Blockchain, fractional ownership, and the future of creative work
Stock market interactions and the impact of macroeconomic news: Evidence from high frequency data of European futures markets
Do markets love misery? Stock prices and corporate philanthropic disaster response
Has Europe been catching up? An industry level analysis of venture capital success over 1985 - 2009
The winner's curse on art markets
Does patience pay? Empirical testing of the option to delay accepting a tender offer in the US banking sector
Art collectors as venture capitalists