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Efficiency of Investment in Objects of Art in the Russian Market

Student: Shibanova Ekaterina

Supervisor: Alexandra Galanova

Faculty: Faculty of Economic Sciences

Educational Programme: Economics (Bachelor)

Final Grade: 8

Year of Graduation: 2016

The presented work analyses performance of pieces of art as an investment asset in Russia. We thus provide an examination of Russian art market and construct an econometric model, based on classic CAPM model, transformed with both hedonic and repeat-sales principles. We also test a range of hypothesizes to describe the operating principles of Russian art market. We come to the result of negative correlation between financial market and art market (-10%) and significant underperformance of art as an investment class, which annualized return is 12% below the investment returns on Russian Stock Exchange.

Full text (added May 17, 2016)

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