Original title: Zhodnocení současného umění jako alternativní investice
Translated title: Evaluation of Contemporary art as an alternative investment
Authors: Havlovicová, Alice ; Vácha, Lukáš (advisor) ; Hronec, Martin (referee)
Document type: Bachelor's theses
Year: 2020
Language: eng
Abstract: Bibliographic note HAVLOVICOVÁ, Alice. Evaluation of Contemporary art as an alternative in- vestment Prague 2020. 66 pp. Bachelor thesis (Bc.) Charles University, Faculty of Social Sciences, Institute of Economic Studies. Thesis supervisor Mgr. Lukáš Vácha, Ph.D. Abstract This thesis investigates the investment performance of contemporary art. In order to analyze the risks and returns of the unique art market environment, the reader is presented with the market specifics, trends, and inefficient. The financial performance of contemporary art is estimated by means of extended models of hedonic regression and repeat-sales regression. Both methods allowš for the treatment of volatility of the art market caused by the infrequency of trading, resulting in two monthly contemporary art market indices. The in- dices are estimated based on auction results of contemporary art spanning from 2003 to 2015, including all artworks sold at least once, which presents a general overview of the contemporary art market. In line with the academic literature on the topic of art investment, the results suggest lower returns of contemporary art than traditional financial assets. Volatility and Sharpe ratios differ in the two indices. Based on the resulting price indices, we conclude that contempo- rary art presents moderate returns...
Keywords: art; art market; contemporary art; hedonic regression; illiquid assets; investment; repeat sales method; selection bias; hedonická regrese; investice; metoda opakovaného prodeje; nelikvidní aktiva; současné umění; trh s uměním; umění; výběrové zkreslení

Institution: Charles University Faculties (theses) (web)
Document availability information: Available in the Charles University Digital Repository.
Original record: http://hdl.handle.net/20.500.11956/117664

Permalink: http://www.nusl.cz/ntk/nusl-411889


The record appears in these collections:
Universities and colleges > Public universities > Charles University > Charles University Faculties (theses)
Academic theses (ETDs) > Bachelor's theses