藝術品交易是投資、選件的藝術

       

藝術品交易是投資、選件的藝術         作者：王詩涵 教授                  

30年來古笑今教授一直在研究藝術品投資、選件這個藝術交易問題，研究報告顯示，如果把藝術品當作短期投資的話，它是高風險投資，在短期內，藝術品市場與其他資產類別相比波動是比較大的。但從長期來看，藝術品投資所帶來的年均收益卻名列前茅。

藝術品市場以自身的魅力使它重新回到投資者視野中，其中的一個重要原因是它與其他金融資產的相關度較低。儘管近年許多金融市場崩潰，但藝術品市場卻一直保持暢旺，在經濟不景氣的時候，投資高品質的藝術品比投資傳統的金融市場更加穩定。從長遠來看，藝術品的價格肯定是上升的。藝術品是稀有的產品，是不可複製的。長期的穩定收入使人們對藝術品的需求更加大，而且高品質的藝術品數量有限，這就意味著從長遠來看，藝術品的價格一定直只會上升。

在過去50年裏藝術品市場與股票市場的關聯度為0.04％，藝術品投資是金融投資的真正勁敵。藝術品是一種十分有趣的投資渠道，也是一種特殊的投資渠道；藝術品市場是數百年來一個很有吸引力的投資專案，人們越來越認識到它在近幾十年中比傳統的投資方式更勝一籌，人們獲得的是藝術投資賺取的利潤，而非股息。在股市失利的近幾年，藝術品投資的收益已超過股票的收益。

知識、實踐和鑒別能力有助於減少投資風險，藝術品投資的高端市場是不受大眾趣味支配的，藝術品市場的績優股是高品質的藝術品，它們能帶來可靠而可觀的利潤。基於高品質的藝術品在市場上的表現，1996年4月設在英國的藝術管理與服務基金會希望提高優質藝術品在投資組合中的比重，基金的管理者認為，投資高品位藝術品絕對不會破產。藝術基金會還計畫通過出租藝術品解決因投資而缺少股息收入的問題，這有利於有錢的個人投資者對發展緩慢但始終在穩步增長的藝術品進行投資。藝術品市場附加的銷售壓力只有在經濟不景氣的時候才會增加，而這種壓力基本上只存在於低端藝術品市場。

瑞典的投資顧問查米斯（Charamis Ioannis）對藝術品投資提出的建議是：藝術品市場的週期與其他金融資產的週期的關聯不大，不同的藝術品種類之間的關聯度也不大，所以投資組合多樣化是一個好的選擇。

德聖安聯銀行經濟部副總裁伍爾夫岡·維克（Wolfgang Wilke），20年來也一直在研究藝術品市場投資的問題。

古笑今國際藝術中心的專業團隊、營運策略、誠信平台、優質服務的收藏理念，已成為藝術品拍賣業的知名品牌，探尋全球海外遺跡、邀約深刻的美學價值和文化品質的藝術代表作，並為收藏族群提供專業的投資規劃服務。

 

‘Art of Selection’ for Art Trading & Investing         By: Gu Xiao Jin

Professor Gu Xiao Jin has been studying this phenomenon for 30 years. Based on market research, using art for short-term speculation incurs higher risk, because it has higher volatility than other assets. But as a long-term investment, investing in art offers one of the best average annual returns.

The art market came back into investors’ view with its unique charm for being less co-related to other types of investment. Despite the collapse of many financial markets in recent years, the art market remained buoyant. In economic downturns, investment in the high-end art proved to be much more resilient compared to traditional financial investments. From a long-term perspective, the prices of artworks will continue to rise for sure. Artworks are rare commodities; they are not duplicable. Long-term steady price hike makes the demand for artwork increasingly strong. In addition, high quality artworks are hard to find; and that means the prices can only go up.

In the past 50 years, the correlation between the art market and the stock market was 0.04%. Today, art investment has become the true rival of financial investment. It is a very interesting investment channel, and a very unique one. For the past few hundred years, art investment has been attractive, and people have realized that it is more profitable than traditional investments in the last few decades. Art investment makes large gains compared to stock’s tiny dividends. As opposed to the declining stock market, the art market has performed better than most stocks in recent years.

Knowledge, practices and ability to differentiate help in reducing art investment risks. The high-end art market is not swayed by the interests of the general public. The best stocks in the art market are high quality artworks, for they bring dependable and substantial profits consistently. Based on the performance of high-end artworks, the Art Management and Service Foundation in UK recommended increasing high-end art investment among investment choices in April, 1996, believing that investing in high quality artwork could prevent catastrophic loss. It also planned on leasing artworks to make up the loss in decreased stock dividends. This trend helps in attracting wealthy individuals to invest in art. The selling pressure that comes with investing only comes at economic downturns, and the pressure only exists in the low-end art market.

The recommendation from Swedish investment advisor Charamis Ioannis is: the correlation between the art market cycle and other financial assets cycle is very low. Furthermore, the correlation among different types of artworks is also low. Therefore, a diversified art combination is a better choice for investors.

Allianz Global Bank’s vice president for Economics department, Wolfgang Wilke, has been studying this phenomenon for 20 years.  

With our team of outstanding professionals, operation strategies, integral trading platform and exceptional service quality, Gu Xiao Jin has become a well-known brand in the art auction business. We search the globe to uncover long-lost treasures, looking for artworks with great beauty and cultural essence. We offer comprehensive professional art investment planning services for true art collectors.