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Art as a Financial Investment

Rachel. Campbell
The Journal of Alternative Investments Spring 2008, 10 (4) 64-81; DOI: https://doi.org/10.3905/jai.2008.705533
Rachel. Campbell
An assistant professor of finance at Maastricht University and Tilburg University in The Netherlands.
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  • For correspondence: r.campbell@finance.unimaas.nl
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Abstract

The possibility of investing in art has recently generated much interest among investors worldwide. In recent years structured solutions offered by art funds as well as a number of smaller boutique funds that offer investors the possibility of investing in a diversified art portfolio solely for financial gain have come into existence. This article examines return patterns that an art investment portfolio would have generated, taking a more conservative approach to examining the financial gains that artworks have exhibited historically. The analysis includes transaction costs, which are considerable in the art market, although in practice art funds are able to negotiate these costs. The results in this article show that art's low correlation with other asset classes offer diversification benefits from holding art in an investment portfolio. Optimal portfolio allocations using historical returns make a case for investors to consider art as an attractive, albeit small addition to their investment strategy.

TOPICS: Real assets/alternative investments/private equity, portfolio construction, portfolio theory

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The Journal of Alternative Investments
Vol. 10, Issue 4
Spring 2008
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Art as a Financial Investment
Rachel. Campbell
The Journal of Alternative Investments Mar 2008, 10 (4) 64-81; DOI: 10.3905/jai.2008.705533

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Art as a Financial Investment
Rachel. Campbell
The Journal of Alternative Investments Mar 2008, 10 (4) 64-81; DOI: 10.3905/jai.2008.705533
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