Investment in art companies: a proxy for physical art?

Bocart, Fabian;Noh, Hohsuk
(2013) , 20 pages

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  • Bocart, FabianUCLouvain
    Author
  • Noh, HohsukUCLouvain
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Abstract
An equally-weighted basket of six quoted companies related to art is created and compared with three hedonic art indices built using more than 75000 auction sales for 99 artists. We find that returns of art-related equities are not directly linked to returns of median and top prices of physical art, but are positively correlated to returns of the 5% cheapest artworks. They are also positively correlated to changes in volumes at auction, once a 6 months lag is taken into account.
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Bocart, F., & Noh, H. (2013). Investment in art companies: a proxy for physical art? (ISBA Discussion Paper 2013/60). https://hdl.handle.net/2078.5/203808