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Art as a Diversification Tool of Investment Portfolios

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 7th International Scientific Conference ISSN 2029-4441 print / ISSN 2029-929X online
“Business and Management 2012” ISBN 978-609-457-116-9 CD
May 10-11, 2012, Vilnius, LITHUANIA doi:10.3846/bm.2012.012
http://www.bm.vgtu.lt
© Vilnius Gediminas Technical University, 2012

ART AS A DIVERSIFICATION TOOL OF INVESTMENT PORTFOLIOS

Daiva Jurevičienė1, Jekaterina Savičenko2, Algita Miečinskienė3
1
Mykolas Romeris University, Ateities str. 20, LT-08303 Vilnius, Lithaunia
Email: 1daiva.jureviciene@mruni.eu
2,3
Vilnius Gediminas Technical University, Faculty of Business Management,
Saulėtekio ave. 11, LT-10223 Vilnius, Lithuania
Email: 2 jekaterina77@gmail.com; 3algita.miecinskiene@vgtu.lt

Abstract. The paper constitutes an argumentation of art investments as portfolio diversification tool, pre-
sents the analysis of the specifics and conception of investments in art. Moreover, it represents the struc-
ture of art market participants. Analysis of the statistical data reveals that the biggest art markets having
long traditions of investing in art yield ground to emergent Eastern markets. The main objective of this
paper is to investigate art as an investment tool for diversification of investment portfolio. In order to as-
sess whether the investments in art can be used to diversify investment portfolio correlation regression
analysis was made. For calculatin of optimal portfolios and finding efficient frontiers teaching material of
C. W. Holden from Indiana University “Excel Modelling and Estimation in Investments” was used. The
comparison of return and risk of the portfolios comprised with art investment are presented in the article.

Keywords: investment, art, Artprice Global Index, investment portfolio.

Jel classification: D14, G11, P45

vest in art in Lithuania, but every year more and

1. Introduction
more people show their interest.
Investment in art becomes more and more popular Although investing money in art is not as
all over the world. The art itself is appreciated not straightforward as investing in bonds or equities,
only for its aesthetic attraction but is valued as an the interest in this market increases. This alterna-
investment. Investment in art is ascribable to alter- tive investment earns capital gains rather than
native investments since it has a specific market dividends. Investment in art exists already four
and particular participants. According to art ex- centuries (Makselienė 2007) and still growing de-
perts, risk of investment in art decreases only for veloping new artistic directions in every century or
investments in extremely expensive creations for a decade and immediately attracts new investors.
very long period, or if the investments (or existing Investment in art has both: some typical features
investment portfolio) are diversified by different for all investments and a few unique features.
risk investment tools. In the later case, a decrease Therefore, before investing, one should carefully
of the particular art investment is compensated by study art market and all the subtleties should be
the growth of another one. found out.
The volatility, irrationality and illiquidity of Attempts to use art investment for optimiza-
the art market make it incomparable with more tion of investment portfolios returns were made in
conventional investments. Art is not only tangible Lithuania by Raškinis and Zigmantienė (2008).
investment. Sometimes it is treated as hobby, since They composed a series of investment portfolios:
investors in art have to enjoy in what they invest from two, three, four and one portfolio from five
their money. Art, as well as gold, are classified as investment tools and each of them the authors try
real estate and are appropriate tool to hedge to diversify by art investment. In present article
against inflation. Experienced investors seek to two types of investment portfolios were made.
invest in alternative investments some of their First three investment portfolios where created
funds and more often art compose a small part of according time period (20, 10 and 5 years) includ-
their investment portfolios in order to protect ing five investment tools each except art invest-
themselves from losses in the financial markets ments. And the final five portfolios include one
and to diversify their investment portfolios. Every investment – an art and another one varies in each
year investment in art becomes more popular but portfolio.
Lithuania is still behind the world's largest art
markets. There are not many opportunities to in-

84
 D. Jurevičienė, J. Savičenko, A. Miečinskienė

2. Distinctiveness of the art investments knowledge of art and the art world itself and a
large amount of capital to acquire well-known
Investing in art is becoming fashionable among
artists’ creation (Worthington, Higgs 2004). Insta-
alternative investments. It is validated by recorded
bility, irrationality and illiquidity of investment in
art creative prices paid at auctions, the establish-
art make it practically incomparable to traditional
ment of new private funds of investments and
investments (Mamarbachi et al. 2008). Thus, all
creations of some tools, which help to analyse art
major investments in the arts should be based on
market trends. Art creations become not only the
the mutual relationship between the artist and lo-
collecting tool, but also as a real object for trade
gistical support, i. e. based on economic, human
and monetary relations. Thus, investing in art or in
and material resources (Isakovič 2011).
the alternative investments – is purchase of art
According to art experts (Raškinis et al. 2008;
works (such as paintings, icons, antiques, antique
Makselienė 2007; Postrigaj 2009 etc.) one of the
furniture, etc.) with investment objectives, i. e. to
most important features of investment in art is the
maintain or increase the available capital (Postri-
lasting of investments (Fig. 1). International art
gaj 2009).
market consultants say that the optimal investment
History of investment in art dates back to the
in art is the period from 5 to 10 years (Krasnov
17th century. Since the year dot the rich and fa-
2011). I. Vasilevskaja (2008) says that the acquisi-
mous old European families followed a simple
tion art works and holding them for 3-5 years
strategy of capital formation: one-third of stocks,
don’t ensure whether the work can be profitably
bonds and other securities, one third of real estate
sold.
and one third of investments in art and precious
Investments have different degrees of risk and
metals, gemstones and etc. (Makselienė 2007).
reliability. So, another important feature of in-
The art market is characterized by high illiq-
vestment in art is risk (Fig. 1). In this regard, there
uidity, information asymmetric, high transaction
is no consensus. Art critic S. Makselienė argues
costs, long transaction time and the absence of
that investing in art is a stable and easily over-
hedging mechanism (Ralevski 2008) (Fig. 1).
comes the inflation and the shares’ crisis (Skirke-
vičius 2008). However, there is the opposite opin-
ion about art investment risk. A number of
inefficiencies in the art market stress the fact that
art remains a highly risky investment. Unlike other
investments art investors cannot calculate the risk
and return profile (Ralevski 2008). Buying a crea-
tion can be tricky because every painting, print or
sculpture is unique. If people buy art as an invest-
ment they need to investigate the artist and his
work before purchase. In other words, the risk
should be assessed (Resnick 2010). At a time
when the art in financial markets is considered an
attractive investment, as earning more income than
traditional investments, it is also a very risky in-
vestment (Mamarbachi et al. 2008). Investment in
art is not only profitable but also very risky
(Kancerevyčius 2009:27). In spite of the fact that
investments in art are risky, unlike other invest-
Fig.1. Main features of investment in artworks (Source: ments, an investor in the art can calculate the val-
Jurevičienė, Savičenko 2011) ues of risk and return (Ralevski 2008).
Thirdly, all investments are characterized by
If we compare it with the stock or real estate return (Fig. 1). Investments in art are profitable.
markets, the art market is very inefficient, opaque, Art market is sufficiently inert, and return on in-
and its products are differentiated (Pesando, Shum vestment can be compared with investment in
2007). Therefore, it can be said that the art market bonds rather than shares (i. e. lower profitability
is fundamentally different from the financial but higher guarantees) (Makselienė 2007).
markets and this potentially limits the strict M. Ščerbenko notes that return of investment in art
applicability of well known financial techniques. can range from 20 % to 300 %. Return may de-
Artworks are almost never divisible; there are pend on a variety of reasons: one of them can be
delays between the decision to sell and actual sale. author’s death; other reason can be media interest
Investing in art typically requires extensive in a particular author's works (Vasilevskaja 2008).

85
 ART AS A DIVERSIFICATION TOOL OF INVESTMENT PORTFOLIOS

Summarizing, it can be argued that investment in

art is profitable, but they are mostly long term, so
speculators in the market are not desirable.
Another specific feature of the art market is
the value of investment (Fig. 1). It is difficult to
determine the artwork’s value and price. It re-
quires experts’ knowledge. And while auction
prices represent, in part, a consensus opinion on
the value of artworks, values in turn are deter-
mined by a complex and subjective set of beliefs
based on past, present and future prices, individual
savour and changing fashion (Worthington, Higgs
2004). Art market is very uncertain in terms of
value of the goods. It could be paid a million or
nothing for the same creative value of the work
(Plečkaitis 2008). Before investing in artwork, the
factors that determine its value must be taken into Fig.2. Art market participants
account: the cost of materials and creative aes-
thetic value, rarity and authenticity of the author's Nevertheless, there are two major art sales
name and goodwill, sales history. It should be tools in the world: galleries and auction houses.
noted in particular the work place, the author's Their marketing tactics and goals are different,
sales history, though without the index this is quite they complement each other. Usually galleries pro-
difficult to do (Kutkaitytė 2008). Yet, as with so tect a particular group of artists, arrange their ex-
much in art, image is a key element of value hibitions. Gallery can and must identify potentially
(Prickett 2004). gifted artist, it has to help to make his or her name,
In addition, one more important feature of in- as talent alone is not enough to become famous for
vestment in art is an investments’ aesthetic per- an artists. Art galleries participate mainly in the
ception (Fig. 1). Investment in arts can be called form of artists' agents in the market. The art mar-
both material and spiritual investment. Buying an ket is highly segmented and few large auction
artwork is only good if it provides aesthetic pleas- houses dominate, such as “Sotheby’s” and
ure (Kudaras 2009). “Christie’s”, where prices are affected not only the
Finally, investing in art is a gamble – not only buyers or sellers, but experts and auction advisors
on the quality of the artists and their work, but on too (Mikalajūnas 2008).
fashions, taste and marketing. Another interesting trend of investment in the
art market is the emergence of private art founda-
3. Nature of art market participants tions (clubs), which founders have accumulated
Each market has its own particular participants. large amounts of capital. They include art in their
The main participants of art market are: museums, alternative investment strategies. The desire to es-
galleries, auction houses, collectors, and, of tablish a club or a private foundation usually show
course, the artists themselves (Fig. 2). The subject friends or members of one family who wants to
of investment in this market is artwork, but its invest in any one sector or type of art. These clubs
price is determined by various market participants are managed by the owners themselves (Willet
and their interests’ intersection. 2010).
Besides, higher schools of fine art, art muse- Museums help to recognize not only the artist
ums, etc. that acquires and stores works of differ- himself, but his particular artwork too. Museums
ent era’s artists, as well as the culture media (art activities are closely monitored by collectors and
criticism) operate with the main contemporary art investors. Information on alternative art invest-
market participants. Art Education Organizations ments is now more accessible via media, publish-
are indirectly involved in the process of creating ing and dissemination of catalogues and price in-
an artwork, for promoting artists' creative skills. dex series has increased the information flow
Museums and cultural media (art critics) are the available to both – buyersand sellers (Worthing-
expert units that validate and recognize the repre- ton, Higgs 2004).
sentative value of artworks, influencing rise of the Lithuanian art market is really still very far
demand in the market. The selling and buying of away from the world art market. While normally
artworks is based on targeted cooperation between the main participants are art galleries and auction,
all market participants (Lubytė 2007). in Lithuania there are only 44 galleries (Lietu-

86
 D. Jurevičienė, J. Savičenko, A. Miečinskienė

vos…2012). Seven of them are members of Asso-

ciation of Independent Vilnius Art Galleries,
which develops the idea of a contract with artists
obligating them to introduce the artworks in the
market. Auctions in Lithuania just started estab-
lishing and artworks are usually bought not at gal-
leries, but privately. This prohibits formation of art
market, which guarantees the liquidity of pur-
chased creations (Makselienė 2007).
The world oldest auction houses “Sotheby’s” Fig.3. Fine art auction sales turnover, breakdown by
was established in 1744, “Christie’s” – in 1766. In country during 2003-2010, in percent (Source: Artprice
Lithuania Art Market Agency (Vilnius auction 2003–2010)
house) was founded in 2007, and the main reason
for its foundation was a trust that Lithuanian soci- Art markets of t he USA, United Kingdom
ety is fully prepared to accept a normally function- and France have long traditions of investing.
ing art market – with galleries, auctions, art exhi- Nonetheless, new tendencies can be seen as art
bitions and other market participants. It is markets in such countries like China, Russia at-
expected that in Lithuania either will operate a tract more and more investors. Fig. 4 shows, that
standard, transparent and credible artworks trading in 2003-2009 the world's largest art market was
form (Makselienė 2008). the USA, the second largest art market was in the
United Kingdom.

4. The world’s largest and Lithuanian

art markets
Art market is art works exchange place. The art
market is hierarchical and can be characterized as
a series of closely related markets. The lowest
level sometimes referred to as the “primary” mar-
ket covers unorganized individual creations supply
by artists to galleries, local art fairs, collective ex-
hibitions, small dealers, and private buyers. At the
“secondary” level, in markets located mostly in the
biggest art traded cities such as New York, Lon-
don, Paris, and Tokyo – artists, dealers, public and
private collectors present such creations that over- Fig.4. Changes of sales art market share during 2003–
come the barrier of primary market. Finally, at the 2010 in US, United Kingdom, China and France, in
percent (Source: Artprice 2003–2010)
highest level – an international market exists in
which the largest auction houses are the main
In 2010 China became the first one, the next
players, notably Sotheby’s and Christie’s, and
was USA, the third UK and the forth France. In
where the artists’ works with the highest reputa-
France artwork annual turnover decreased during
tion are traded at prices that often are on the head-
2003–2008 period, only in 2009 the sales point-
lines (Campos et al. 2008).
edly increased but didn’t reach the third place in
At the beginning of the new millennium the
the world, when China's part in the global art mar-
USA and Europe dominance in the global art mar-
ket has grown from 1.2 % in 2003 to 33 % in
ket weakened. Globalization and the economic
2010.
growth contributed to the art market changes in
The United States was the art market leader
Russia, India and China. China's and India's first
till 2008 with the most prestigious Sotheby's and
art auction house showed amazing results in 2005.
Christie's auctions and with the most expensive
After the global art market analysis during
works traded. In 2008 the two largest global art
2003–2010 it could be stated that the main players
markets changed their positions according sales
in the world art market were the United States,
turnover rankings of global auction. New York
United Kingdom, China, France, Italy and Ger-
was ousted from first place by London, making
many (Fig. 3). Other global art market countries
“Old Europe” the new art market centre (Fig. 4).
are: The Netherlands, Sweden, Spain, Switzerland,
In 2008 US art market revenues fell and the United
Austria, Australia, Denmark, Belgium and Russia
Kingdom earned 271 million US dollars, more
(Fig. 3).
than in 2007 (Fig. 4). Thus, as the world's second

87
 ART AS A DIVERSIFICATION TOOL OF INVESTMENT PORTFOLIOS

and first in Europe, the UK art market is character- that the value of time for Lithuania's investment is
ized by stable sales volume and as sufficiently de- very important (Kutkaitytė 2010).
veloped. According to S. Makselienė, Lithuania has a
The third-largest art market in the world was 4–6 important collectors, who make very happy
France till 2006. Even after the World War II galleries of their art works purchases. A significant
France was the leading art market, as the environ- collection of art works has Danguolė and Viktoras
ment was very conducive to Paris artists. Such fa- Butkus. They collect a private collection, includ-
mous artists’ as Picasso, Matisse, and Kandinsky ing Modern Lithuanian art from the period 1960.
paintings particular from Paris were accessed for The collection includes more than 1 500 works of
the global art market. Their works are called mas- famous Lithuanian artists (Makselienė 2011).
terpieces. France is well known art market, but Summarizing the Lithuanian art market, it can
according to recent data it should be noted that be argued that professional investment in art mar-
since 2003 the relative weight in the world market ket is still developing in Lithuania; only a very
share continued to decline from 7.2 % to 3.9 % small part of the population tries to invest in art.
(Fig. 4).
Since 2004 art professionals claimed that
5. Portfolio optimization using art as one of the
China in the future become a new and auspicious
investment tools
art market displaying France from the third place,
because China’s share in the art market grew rap- In order to measure whether the investments in art
idly in 2004-2009 period, rising from 1,9 to 17,4 can be used to diversify the investment portfolio
percent (Fig. 4). Already in 2007 China became there was performed correlation regression analy-
the third art market in the world, but in 2010 the sis. Art price Global Index (Artprice… 2011) as
China became art market leader. Nowadays global the dependent variable and S&P 500 index (Econ-
art market is characterized by readjustment of the stats… 2011) as the independent variable where
market towards Asia. used in this analysis. Correlation regression analy-
Lithuanian art market is very young, though sis showed that Art price Global Index weakly cor-
there is shortage of investment in art but it is related with United States stock indices S&P 500,
steadily growing during last few years and can and analysis is statistically important. Thus,
also be assessed as emerging one. Only a small changes in the stock market don’t affect the art
part of Lithuanian population invests in art. This is market changes. Therefore scientists’ claim, that
due to the fact that it is not easy to grasp the sub- art is an appropriate measure of portfolio diversifi-
tleties of this market. Ordinary Lithuanians use to cation, can be confirmed.
make money investing in securities or real estate. In order to calculate the optimal portfolios and
Moreover, in Lithuania there are no such a good to draw the efficient frontiers C. W. Holden from
conditions to invest in art as in the United States, Indiana University teaching material “Excel Mod-
United Kingdom, China or elsewhere. elling and Estimation in Investments” was used
A limited supply of artworks dominated in (Holden 2008). According to C. W. Holden mate-
Lithuania. Lithuanian modern classical paintings rial and “MS Excel” program two optimal portfo-
retain the biggest price growth. Art experts believe lio computing models were created: from five and
that good art collection can still earn up to 20% two tools of investment. In total 8 different in-
return (Skirkevičius 2008). vestment portfolios (3 portfolios including five
Comparing the price of artworks of Lithua- instruments and 5 portfolios each including two
nian artists with their counterparts abroad, the instruments) were prepared. Correlations between
Lithuanian artists' creations are really an excellent various investment tools, profitability (return) and
type of investment not only by actual price but risk (standard deviation) where estimated using
also because of its possible increase. Lithuanian mentioned above models and S&P, Bloomberg,
artists are supported by a small country and a dis- NAREIT, NCREIF, Per Track, The Federal Re-
tinctive art style, well-bought abroad (Kutkaitytė serve, Mei&Moses researches and Art price annual
2008). reports (Asset… 2009).
Lithuanian Art Market Agency seeks to pro- At the beginning of research there were com-
mote investment in art in Lithuania. This is the posed investment portfolios from three identical
only auction in Lithuania, which organizes several structures, but different periods (i. e. 1900–2009,
sales per year. Lithuanian top ten auction sales are 2000–2009 and 2005–2009 periods) (Fig. 5).
already late authors. Therefore, it can be claimed

88
 D. Jurevičienė, J. Savičenko, A. Miečinskienė

Fig.5. Efficient frontiers of investment portfolios of time periods 1990–2009, 2000–2009, 2005–2009, without art
investments

Figure 5 shows, that the most beneficial in- which is the starting point of 2000–2009 period
vestment portfolio for investor is the one com- portfolio efficient frontier.
posed from 2005–2009 period data that invested in For further calculations were chosen invest-
U. S. Stocks, Gold, Real Estate, Risk-Free Bonds ment portfolios, composed using 2005–2009 pe-
and T-Bills. Comparing with the other two portfo- riod data, because it is the most profitable and
lios, when the risk is 25 %, the portfolio of 2005– least risky portfolio. Five investment portfolios
2009 time periods is the most profitable. The dif- were composed from two investment tools, using
ference of return between 1990–2009, 2000–2009 the 2005–2009 year period data (Fig. 6) in order to
periods’ portfolios efficient frontiers is little and compare the return and risk of different structure
intersect at the point A2 (6.85 %, 8.57 %), portfolios.

Fig.6. Efficient frontiers of optimal portfolios, composed from two investment tools including art

Figure 6 shows, how differ portfolios con- portfolio of art and gold is highest among all the
structed by two investment tools, where one of rest. So this portfolio provides investors with the
them is art. Each portfolio return and risk is differ- biggest return (28.5 %). The lowest portfolio prof-
ent, what is not visible in portfolios, composed itability with the risk 14.3 % is composed by art
from five investment tools. Efficient frontier of and US Real Estate (2 %). This portfolio is the
most risky, because the endpoint of its efficient

89
 ART AS A DIVERSIFICATION TOOL OF INVESTMENT PORTFOLIOS

frontier is farthest to the right side compared to vestment tools including art was constructed for
other efficient frontiers of investment portfolios. mentioned most favourable period (2005–2009).
Investment portfolio from art and US T-Bills is the Investment portfolio composed from art and gold
lowest risk (0.4 %) and one of the least profitable is the most profitable for investor and portfolio
(2.3 %). from art and US T-Bills is the least risky. In con-
Thus, it can be concluded that modelling port- clusion, it could be stated that art as investment
folios, composed from two investment tools, in- tool can be used to diversify investment portfolio.
cluding art investment as one of them, is very im-
portant correctly to chose the second tool, because References
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