藝術品基金如何進行風險控制

  

藝術品基金應如何進行風險控制             作者：王詩涵 教授

• 藝術品整個投資程序需對市場環境、發展趨勢等有全面性的把握，並且需對市場有足夠的判斷能力。 據統計數據，藝術品基金投資標的60%以上來自拍賣會，30%自藏家收購、10%自二級市場收購；藝術品信托退出的主要渠道90%也是從拍賣市場, 看其投資模式，再通過發行其他的投資基金，用募集的資金兌付即將到期的藝術品基金。

• 藝術品私募基金投資者既具有投資能力，又具有藝術修養的投資群體組織而成，由於投資者少，而且大多數都是熟悉的客戶，比較好調節應對 ，完整的鑑定及價格體系的建立完整後，藝術品投資基金與拍賣公司合作參與對藝術品的收購， 就端看投資人(包括買、賣雙方) 對市場的心理承受能力， 風險集中爆發的概率，見仁見智，大體上不會受到影響，  市場就這?大，卓越優秀的基金也不會讓自己投資的藝術品的價格跌下來。

 

  How Art Funds Contain Risks            By: Gu Xiao Jin

• Art investors must know the market and its trends, and have excellent judgment to profitable situations. According to statistics, over 60% of procurements made by art funds came from auctions. About 30% came from collectors, and 10% came from secondary market. When it comes to closing positions, 90% of art funds’ collections sell at auctions. Depending on investment model, some funds raise other types of capital to pay out art fund shares that reach maturity.
• The investors of private equity funds are usually people with both financial means and artistic training. Due to the limited number of such investors, they form a close-knit group and operate with spontaneous interactions and self regulation in the past. When the appraisal and pricing system is fully developed, art funds will work closely with auction houses to facilitate art trading on larger scales. The investors (buyers and sellers) then will make their decisions based on their own assessment of the risks and tolerance of such risks. The market is limited in size today, and art funds will not sell their collections at discounts, hence maintaining the values of artworks.