Investment in Paintings of Contemporary Russian Artists as a Form of Alternative Investment

Student: Lutsenko Mariia

Educational Programme: Economics (Bachelor)

Final Grade: 8

Year of Graduation: 2019

The main goal of this research is to conduct a comparative analysis of returns of investments in paintings of contemporary Russian artists, financial instruments of Russian and American capital markets and Russian and American real estate markets. In this research, a hedonic price index of contemporary Russian art is built, returns of main investment instruments are calculated and CAPM model is estimated for domestic and foreign investors. The results of this research allow the identification of portfolio diversification possibilities as well as the definition of risk-return relationships for all investment instruments used in this research.

Full text (added May 7, 2019)

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