Collectables

Brendan Brown

Chapter 10 in A Theory of Hedge Investment, 1982, pp 185-191 from Palgrave Macmillan

Abstract: Abstract ‘Collectables’ is used here as a generic term to include stamps, rare books, fine paintings, oriental rugs, and antiques of various types. Collectables all have certain features in common. First, their running cash yield to the private holder (in contrast to their yield to the museum) is zero or negative (when allowance is made for costs of storage). Second, taste for them is acquired or cultivated — it does not exist ‘naturally’. Third, there is a large amount of non-standardisation, even for narrowly defined categories of collectable. Fourth, their rate of physical depreciation is extremely low, with their lifetime extending sometimes into centuries. Fifth, they are luxury items with demand for them being a strongly rising function of income levels.

Keywords: High Inflation; Fine Painting; Consumer Durable; Close Substitute; Convenience Yield (search for similar items in EconPapers)
Date: 1982
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DOI: 10.1007/978-1-349-06103-7_10

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