TY  - UNPD
A1  - Kräussl, Roman
T1  - Art as an alternative asset class: risk and return characteristics of the Middle Eastern & Northern African art markets
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 494
N2  - This chapter analyzes the risk and return characteristics of investments in artists from the Middle East and Northern Africa (MENA) region over the sample period 2000 to 2012. With hedonic regression modeling we create an annual index that is based on 3,544 paintings created by 663 MENA artists. Our empirical results prove that investing in such a hypothetical index provides strong financial returns. While the results show an exponential growth in sales since 2006, the geometric annual return of the MENA art index is a stable13.9 percent over the whole period. We conclude that investing in MENA paintings would have been profitable but also note that we examined the performance of an emerging art market that has only seen an upward trend without any correction, yet.
T3  - CFS working paper series - 494 
KW  - Alternative investments
KW  - Art price index
KW  - Optimal Asset Allocation
Y1  - 2014
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/35608
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-356082
UR  - https://www.ifk-cfs.de/fileadmin/downloads/publications/wp/2014/CFS_WP_494.pdf
IS  - June 2014
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -