The art market has seen boom and bust during the last years and, despite the downturn, has received more attention from … investors and the hedging of exposures remains dificult. This paper proposes to overcome these problems by introducing a call … option on an art index, derived from one of the most comprehensive data sets of art market transactions. The option allows …

returns to understand whether art can be considered a safe haven during volatile times or a hedging option in general by …We analyze long-term art auction sales data focusing on and around financial crisis periods with other investment … analyzing art auction data in a volatile emerging market. Our findings suggest Turkish art returns are either negatively …