Investments in Works of Art as Long-Term Investments: Economic and Statistical Analysis
Abstract
This article presents the results of the authors’ research on proving the statistical hypothesis on the validity of including investments in works of art into the so-called safe-haven investments. The author argues with the traditional among investors and experts - art market researchers view investments in cultural assets as long-term investments, guaranteeing the owners the highest profits with a lag of two decades. The questions concerning the information and analytical base of the research, the use of grouping methods and analysis of variance are described. Based on the empirical analysis, the author draws conclusions regarding three basic trends in support of investment opportunities in the cultural property market, which, however, can not be unequivocally interpreted in favor of treating investments in art as a shelter investment. Quantitative characteristics, reflecting the classification difference between the art market players, are calculated. In the final part of the article the author stresses that in modern conditions it is unreasonable to exaggerate the influence of time (a time lag of 20 years) in strategic decisions on investment activity in the art market.
About the Author
V. A. Kolycheva
Saint-Petersburg State University
Russian Federation
Russian Federation
Cand. Sci. (Econ.), Docent, Department of Statistics, Accounting and Audit, Faculty of Economics, Saint-Petersburg State University
62, Chaikovskogo St., 191123, Saint-Petersburg
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Review
For citations:
Kolycheva V.A. Investments in Works of Art as Long-Term Investments: Economic and Statistical Analysis. Voprosy statistiki. 2018;25(5):78-85. (In Russ.)
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