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...

The article aims at answering the following research question: is the Polish art market mature enough to look at art investment as an important element of portfolio diversification? To provide an answer, the Authors analyzed auctions in Poland from the period 1991-2010, which were published by...

The record-breaking prices observed in the art market over the last three years raise the question of whether we are experiencing a speculative bubble. Given the difficulty to determine the fundamental value of artworks, we apply a right-tailed unit root test with forward recursive regressions...