The Investment Performance of Classical Swedish Painters

Adri De Ridder, Steffen Eriksen, Maryana Parkhomenko and Bert Scholtens
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Bert Scholtens: University of Groningen

No 2025003-EEF, Research Report from University of Groningen, FEB Research Institute (FEBRI)

Abstract: This paper studies the investment properties of paintings. It applies a hedonic regression model on a unique sample of more than 8,000 paintings by classical Swedish painters traded in the period 2010-2023. To address sample selection bias regarding sold and unsold paintings, it uses a Heckman correction. Despite some very high prices for paintings, the price index for the sample paintings underperforms well-used indexes for stocks, bonds, and real estate, while its volatility is much higher. The study shows that paintings of classical Swedish painters have a very limited role when constructing optimal investment portfolios.

Date: 2025
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