ECONOMIC ANALYSIS OF THE MARKET OF PAINTINGS (OIL PAINTING)

Toni Kondzhov ()
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Toni Kondzhov: Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski

Yearbook of the Faculty of Economics and Business Administration, Sofia University, 2019, vol. 17, issue 1, 129-140

Abstract: This article is a synthesized analysis of the market for paintings from a purely economic point of view. The main conclusions are: 1. If a particular person is a connoisseur of paintings, has large funds and did not want to risk, he must either buy the most expensive paintings or invest his money in a cultural fund; 2. If that person wants to take a risk in order to make more profit he needs to invest money in such styles of paintings in which the standard deviation in price is highest; 3. In the rest cases (in which buyers do not have large financial resources) paintings should be bought mainly for aesthetic pleasure. Investments in paintings are not financial investments, because they do not suppose regular future revenues.

Keywords: painting collection; auction house; cultural fund. (search for similar items in EconPapers)
Date: 2019
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