Art as an Investment

Student: Gorokh Anastasiia

Educational Programme: Economics (Bachelor)

Final Grade: 9

Year of Graduation: 2017

Art investments are one of the most popular types of alternative investments. The main objective of this paper is to make the comparative analysis of efficiency of investments to the Russian art market and to the commodity and financial markets. In the course of this research the hedonic Russian art index was constructed basing on auction data over the period of 2002 - 2016 and various modifications of CAPM for art objects and other asset in our sample were estimated.

Full text (added May 10, 2017)

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