The Portuguese contemporary art as an investment

Detalhes bibliográficos
Autor(a) principal: Antunes, Nuno Filipe Borrego
Data de Publicação: 2015
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/15072
Resumo: In this paper we investigate what drives the prices of Portuguese contemporary art at auction and explore the potential of art as an asset. Based on a hedonic prices model we construct an Art Price Index as a proxy for the Portuguese contemporary art market over the period of 1994 to 2014. A performance analysis suggests that art underperforms the S&P500 but overperforms the Portuguese stock market and American Government bonds. However, It does it at the cost of higher risk. Results also show that art as low correlation with financial markets, evidencing some potential in risk mitigation when added to traditional equity portfolios.
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spelling The Portuguese contemporary art as an investmentArtFinanceInvestmentReturnsIn this paper we investigate what drives the prices of Portuguese contemporary art at auction and explore the potential of art as an asset. Based on a hedonic prices model we construct an Art Price Index as a proxy for the Portuguese contemporary art market over the period of 1994 to 2014. A performance analysis suggests that art underperforms the S&P500 but overperforms the Portuguese stock market and American Government bonds. However, It does it at the cost of higher risk. Results also show that art as low correlation with financial markets, evidencing some potential in risk mitigation when added to traditional equity portfolios.NSBE - UNLFreitas, Miguel Lebre deNunes, Luís CatelaRUNAntunes, Nuno Filipe Borrego2015-06-04T10:20:59Z2015-012015-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/15072TID:201476240enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T03:50:40Zoai:run.unl.pt:10362/15072Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:22:16.451320Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv The Portuguese contemporary art as an investment
title The Portuguese contemporary art as an investment
spellingShingle The Portuguese contemporary art as an investment
Antunes, Nuno Filipe Borrego
Art
Finance
Investment
Returns
title_short The Portuguese contemporary art as an investment
title_full The Portuguese contemporary art as an investment
title_fullStr The Portuguese contemporary art as an investment
title_full_unstemmed The Portuguese contemporary art as an investment
title_sort The Portuguese contemporary art as an investment
author Antunes, Nuno Filipe Borrego
author_facet Antunes, Nuno Filipe Borrego
author_role author
dc.contributor.none.fl_str_mv Freitas, Miguel Lebre de
Nunes, Luís Catela
RUN
dc.contributor.author.fl_str_mv Antunes, Nuno Filipe Borrego
dc.subject.por.fl_str_mv Art
Finance
Investment
Returns
topic Art
Finance
Investment
Returns
description In this paper we investigate what drives the prices of Portuguese contemporary art at auction and explore the potential of art as an asset. Based on a hedonic prices model we construct an Art Price Index as a proxy for the Portuguese contemporary art market over the period of 1994 to 2014. A performance analysis suggests that art underperforms the S&P500 but overperforms the Portuguese stock market and American Government bonds. However, It does it at the cost of higher risk. Results also show that art as low correlation with financial markets, evidencing some potential in risk mitigation when added to traditional equity portfolios.
publishDate 2015
dc.date.none.fl_str_mv 2015-06-04T10:20:59Z
2015-01
2015-01-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/15072
TID:201476240
url http://hdl.handle.net/10362/15072
identifier_str_mv TID:201476240
dc.language.iso.fl_str_mv eng
language eng
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eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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