The financial underperformance of art as an investment is well documented. In contrast to studies conducted on peace-time periods, this paper shows that the art market in occupied France during WWII significantly outperformed all alternative investments (bonds, equities, as well as currencies...

This paper analyzes, on basis of an original database of close to 3 000 canvasses sold during the war in Drouot, the main French auction house, the evolution of the art market in occupied France. Based on hedonic regressions, it shows that by all standards the market experienced a massive boom....

This article examines the state of the facilities of the art market in Russia, the basic problems of investing in  art objects and recommendations for the improvement of the art market. Also in the paper investigates the characteristics of consumer behavior when purchasing art objects.

We analyze organization of auctions and bidding strategies with a unique dataset on Paris auctions between 700s and 800s. Prices reflect the objective features of the paintings and of the sale, and they reveal a substantial death effect, with upward jumps in the years after the death of the...

The art market has seen boom and bust during the last years and, despite the downturn, has received more attention from investors given the low interest environment following the financial crisis. However, participation has been reserved for a few investors and the hedging of exposures remains...

This article analyzes the problem of attracting investments into the Russian art market in the light of the main theories of management non-profit sector (the theory of "the production of public goods", the theory of "breach of contract" and the theory of "control stakeholders"). Based on a...

We analyze the evolution of the price of paintings in the XVII century Amsterdam art market to test a hypothesis of endogenous entry: higher probability should attract more entry of painters, which in turn should lead to artistic innovations and more intense competition. We build a price index...

Situation at financial markets tend investors to look for alternative investments to diversify their portfolio. The aim of our research is evaluation of hedonic price index for selected Polish painters based on data from auctions of paintings held by auction houses and foundations in the years...

After years of euphoric dissoluteness, art system faces today a state of uneasiness and insecurity, which is caused by acceptance of a compromise between autonomy of human creativity and economic materiality. As a result, its critic role get lost. Moreover, art system risks to become an alien...

During World War II, the art market experienced a massive boom in occupied countries. The discretion, the inflation proof character, the absence of market intervention and the possibility to resell artworks abroad have been suggested to explain why investing in artworks was one of the most...