Art as an Investment: the Case of Russian Sculpture

Student: Kolosova Lyubov

Educational Programme: Economics (Bachelor)

Final Grade: 9

Year of Graduation: 2019

The market of sculpture is the second largest segment of the whole art market. Alternative investment in sculptures, as the works of art, can not only generate higher financial returns than traditional assets, but also provide an opportunity to diversify the investment portfolio. In this study, the price index of Russian sculpture is constructed on the base of auction transactions between 2000 and 2019 and the hedonic regression approach. After that, the effectiveness of the investments in the Russian sculpture will be compared to the risk and return of the other asset classes by calculating the Sharpe ratio, the Treynor ratio, the CAPM estimates and other indicators.

Full text (added May 7, 2019)

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