书画艺术品市场周期与投资收益的研究
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引用本文:周思达,贺炜,杨胜刚.书画艺术品市场周期与投资收益的研究[J].湖南大学学报社会科学版,2014,(2):76-80
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周思达,贺炜,杨胜刚 (湖南大学 金融与统计学院,湖南 长沙410079) 
中文摘要:艺术品投资是近年来兴起的一种投资方式,而书画艺术品又是艺术品投资中的主流。投资者认为随着财富积累效应的增强,购买书画艺术品是实现精神追求和财富保值升值的绝佳方式。虽然书画艺术品市场与金融市场不存在“逆周期”效应,但是由于交易手段和交易频度等原因,确实存在滞后于金融市场变化的现象。另一方面,书画艺术品投资的平均收益也大致介于低风险债券和普通股票的平均收益之间,这使得投资者运用书画艺术品与传统金融工具构建投资组合成为可能。此外,关于大师级书画艺术品在国内外市场相去甚远的表现也是艺术品投资不可忽略的一个现象。
中文关键词:书画艺术品  投资  宏观经济  收益率
 
Period and Profit of Investing Chinese Artworks
Abstract:Investing art works is popular in recent years, while paintings are the mainstream of art works investment. Investors believe that with the enhancement effect of the accumulation of wealth, buy painting art is a great way to maintain and increase the appreciation of spiritual pursuit and wealth. While painting art market and financial market does not exist “counter-cyclical” effect, the changes of the market is slower than financial market because of the frequency and methods of transactions. On the other hand, the average income of investing paintings is roughly between those of low-risk bonds and common stock, which allows investors to build a portfolio by financial instruments and artworks. In addition, we cannot ignore the performances of master artworks market are so different from domestic and foreign markets.
keywords:paintings  value of artworks  macro economics  profit rate
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