INDEPENDENT STUDY
Student: Luisa Ann Rubino
Faculty: Campbell Harvey
Term: 4
Number of credits:
Proposed course of study
The study will focus on investigating art as an asset class, and more specifically:
· the risk/reward profile of art
· the correlation with known benchmarks
· the size of the risk-adjusted appreciation ("alpha" index)
· the ability of art to diversify a portfolio
· the performance of art in "down markets"
· the relation between art index, consumer sentiment, future real activity
Reference material
Bruno S. Frey, University of Zurich, “Art markets and economics: Introduction”.
Bruno S. Frey and Reiner Eichenberger, University of Zurich, “On the return of art investment return analyses”.
Bruno S. Frey, University of Zurich, “Arts and Economics”.
William Goetzman, Yale School of Management, "Private Value Components, and the Winner's Curse in an Art Index"
William Goetzman, Yale School of Management, "How Costly is the Fall From Fashion?".
William Goetzman, Yale School of Management, "The Informational Efficiency of the Art Market".
William Goetzman, Yale School of Management, "Accounting for Taste: An Analysis of Art Returns Over Three Centuries".
Wolfgang Wilke, Dresdner Bank, “Investing in art – the art of investing”.
Wolfgang Wilke, Dresdner Bank, “Art market: expensive modern art?”.
Wolfgang Wilke, Dresdner Bank, “The market for paintings: Noblesse oblige – the Barbizon School”.
Web Sites:
http://art-sales-index.com/
http://artnet.com/
http://www.artmarketresearch.com/