Investment horizon for private‐value assets: Evidence from the art market

Milad Nozari

Journal of Financial Research, 2022, vol. 45, issue 2, 229-246

Abstract: Over the past two decades, the idea of purchasing art as an asset class has attracted many collectors with investment goals to the art market. I examine how collectors trade art by focusing on their investment horizons. Controlling for quality and market conditions, I show that collectors' personal tastes and uncertainty in valuation could affect how long they keep their artwork. I also find that specific characteristics of artwork or artists are determinants of investment horizons. The natural conclusion of the findings is that artwork with high common market value is traded more frequently, whereas higher personal valuation can lead to longer duration ownership.

Date: 2022
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https://doi.org/10.1111/jfir.12273

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Persistent link: https://EconPapers.repec.org/RePEc:bla:jfnres:v:45:y:2022:i:2:p:229-246

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