| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14357 |
| DP14357 Art as an Asset: Evidence from Keynes the Collector | |
| David Chambers; Christophe Spaenjers | |
| 发表日期 | 2020-01-27 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The risk-return characteristics of art as an asset have been previously studied through aggregate price indexes. By contrast, we examine the long-run buy-and-hold performance of an actual portfolio, namely, the collection of John Maynard Keynes. We find that its performance has substantially exceeded existing estimates of art market returns. Our analysis of the collection identifies general attributes of art portfolios crucial in explaining why investor returns can substantially diverge from market returns: transaction-specific risk, buyer heterogeneity, return skewness, and portfolio concentration. Furthermore, our findings highlight the limitations of art price indexes as a guide to asset allocation or performance benchmarking. |
| 主题 | Economic History ; Financial Economics |
| URL | https://cepr.org/publications/dp14357-0 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543250 |
| 推荐引用方式 GB/T 7714 | David Chambers,Christophe Spaenjers. DP14357 Art as an Asset: Evidence from Keynes the Collector. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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