The Investment Performance of Art in Mainland China

Yang Shi, Paul Conroy, Mancang Wang and Chenlu Dang

Emerging Markets Finance and Trade, 2018, vol. 54, issue 6, 1358-1374

Abstract: This article investigates price determinants and investment performance for paintings from mainland China using hedonic regression analysis applied to a new dataset from over 190,000 auction transactions. The price index obtained indicates that from 2000 to 2015, the average annual appreciation in value of Chinese art was 8.42% in real USD. Compared with American artwork, global artwork, and traditional financial assets, Chinese art possesses a comparatively better risk and return profile and a low correlation with other assets. Finally, regarding the masterpiece effect, the conclusion is that highly priced Chinese art does not underperform the market.

Date: 2018
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DOI: 10.1080/1540496X.2017.1281800

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