<Para ID="Par1">There is a broad discussion in the literature concerning various aspects of art as an investment, where the return on art assets has been of special interest, but so far there is little achievement in the analysis of the performance of art markets in various countries of the European Union. The...</para>

As the global financial crisis hit the world-wide stock markets, investors looked for alternative investments to diversify their portfolios. One of the more attractive alternate investment opportunities has been investment in art. However, in order to consider artworks as investment assets, the...