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The Investment Performance of Classical Swedish Painters

Author

Listed:
  • De Ridder, Adri
  • Eriksen, Steffen
  • Parkhomenko, Maryana
  • Scholtens, Bert

    (University of Groningen)

Abstract

This paper studies the investment properties of paintings. It applies a hedonic regression model on a unique sample of more than 8,000 paintings by classical Swedish painters traded in the period 2010-2023. To address sample selection bias regarding sold and unsold paintings, it uses a Heckman correction. Despite some very high prices for paintings, the price index for the sample paintings underperforms well-used indexes for stocks, bonds, and real estate, while its volatility is much higher. The study shows that paintings of classical Swedish painters have a very limited role when constructing optimal investment portfolios.

Suggested Citation

  • De Ridder, Adri & Eriksen, Steffen & Parkhomenko, Maryana & Scholtens, Bert, 2025. "The Investment Performance of Classical Swedish Painters," Research Report 2025003-EEF, University of Groningen, FEB Research Institute (FEBRI).
    • Handle: RePEc:gro:rugfeb:2025003-eef
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    File URL: https://hdl.handle.net/11370/d646bdab-052f-48f3-b090-a67a2ef6cdc3
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