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A magyar festménypiac pénzügyi szemmel
[The Hungarian market for paintings, from a financial point of view]

Author

Listed:
  • Váradi, Kata
  • Teszárik, Eszter

Abstract

Tanulmányunkban arra a kérdésre keressük a választ, hogy lehet-e a festményvásárlásra mint befektetésre tekinteni, milyen hozamok érhetők el a festménypiacon. A festményvásárlás mint egy alternatív befektetési forma piacáról rendelkezésre álló adatbázisok korlátozottak, a külföldi historikus ár-összehasonlító szolgáltatások drágák, és csak kevés magyar adatot tartalmaznak. Ez belépési korlátot szab a potenciális befektetők számára, nagy részük kiszorul a piacról. Az elmúlt két évtized adatai alapján megállapítható, hogy a festményvásárlás nominálisan átlagosan pozitív, míg reálértelemben átlagosan negatív hozamú befektetés, amit tovább rontanak a galériák számára fizetendő jutalékok és egyéb költségek. Ezt azonban kompenzálhatja a tőkepiaccal való alacsony korreláltság és az ebből adódó diverzifikációs képesség. A tanulmányban alkalmazott "ismétlődőfestmény-módszer" eredményei szerint a magasabb értékkategóriában az átlagosan elérhető éves hozam alacsony, azonban az "átlagármódszer" azt támasztja alá, hogy ha kellően értékes és likvid festőkbe fektetünk, akkor akár a BUX-index hozamának kétszeresét is el lehetett érni.* Journal of Economic Literature (JEL) kód: E22, G11.

Suggested Citation

  • Váradi, Kata & Teszárik, Eszter, 2020. "A magyar festménypiac pénzügyi szemmel [The Hungarian market for paintings, from a financial point of view]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1271-1298.
    • Handle: RePEc:ksa:szemle:1941
    DOI: 10.18414/KSZ.2020.12.1271
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    References listed on IDEAS

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    1. Renato Flôres & Victor Ginsburgh & Philippe Jeanfils, 1999. "Long- and Short-Term Portfolio Choices of Paintings," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 23(3), pages 191-208, August.
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    7. Luc Renneboog & Christophe Spaenjers, 2013. "Buying Beauty: On Prices and Returns in the Art Market," Management Science, INFORMS, vol. 59(1), pages 36-53, February.
    8. Marilena Locatelli Biey & Roberto Zanola, 1999. "Investment in Paintings: A Short-Run Price Index," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 23(3), pages 209-219, August.
    9. Andrew C. Worthington & Helen Higgs, 2004. "Art as an investment: risk, return and portfolio diversification in major painting markets," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 44(2), pages 257-271, July.
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    More about this item

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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