Long- and short-term portfolio choices of paintings
AbstractIn their paper on price comovements of paintings, Ginsburgh and Jeanfils show that in three important markets (London, Paris and New York), prices of well-known and lesser known painters ''move together'' (are cointegrated). They conclude that therefore, an investor may be indifferent between the two groups of painters. We show that this is not the case, since well-known painters are less risky, and that though returns may be comparable, the share of well-known painters in a portfolio of paintings might be as high as 90%. We also construct long-run and short-run portfolios and show that these may be very different. These short-term portfolios give interesting insights which help in characterizing each of the three markets. Copyright Kluwer Academic Publishers 1999
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Bibliographic InfoPaper provided by ULB -- Universite Libre de Bruxelles in its series ULB Institutional Repository with number 2013/99275.
Date of creation: 1999
Date of revision:
Publication status: Published in: Journal of cultural economics (1999) v.23 n° 3,p.193-210
Investment in art; Portfolio choices;
Other versions of this item:
- Renato Flôres & Victor Ginsburgh & Philippe Jeanfils, 1999. "Long- and Short-Term Portfolio Choices of Paintings," Journal of Cultural Economics, Springer, vol. 23(3), pages 191-208, August.
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