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- Title
Investment horizon for private‐value assets: Evidence from the art market.
- Abstract
Over the past two decades, the idea of purchasing art as an asset class has attracted many collectors with investment goals to the art market. I examine how collectors trade art by focusing on their investment horizons. Controlling for quality and market conditions, I show that collectors' personal tastes and uncertainty in valuation could affect how long they keep their artwork. I also find that specific characteristics of artwork or artists are determinants of investment horizons. The natural conclusion of the findings is that artwork with high common market value is traded more frequently, whereas higher personal valuation can lead to longer duration ownership.
- Subjects
ART industry; ARTS funding; ART collecting; INTERNATIONAL economic integration; ART auctions; ARTS education; ASSETS (Accounting)
- Publication
Journal of Financial Research, 2022, Vol 45, Issue 2, p229
- ISSN
0270-2592
- Publication type
Article
- DOI
10.1111/jfir.12273