Please expand this article. Some suggested sources are given hereafter.
Role in a portfolio
There are currently no known financial investment vehicles available that have low expenses. Fine art as an investment has a history of positive real returns. However, direct investment would be required and obtaining adequate diversification makes it cost-prohibitive for most investors.
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- Hiraki, Takato, Ito, Akitoshi, Spieth, Darius Alexander and Takezawa, Naoya, "How Did Japanese Investments Influence International Art Prices?", Yale ICF Working Paper No. 03-09.
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- Mei, Jianping and Moses, Michael , "Beautiful Asset: Art as Investment" (February 2004).
- Shubik, Martin, "Dealers in Art", (September 2001). Yale SOM Working Paper No. ES-17.
- Thompson, Rex W. and McAndrew, Clare, " The Collateral Value of Fine Art" . Journal of Banking and Finance, Forthcoming
- Worthington, Andrew and Higgs, Helen, "Art as an Investment: Risk, Return and Portfolio Diversification in Major Painting Markets" , Accounting and Finance, Vol. 44, No. 2, pp. 257-271, July 2004.