| In recent years, along with the prosperity and development of the art market, investors are more and more attracted to art investment areas. As the new darling of the investment community, the performance of art investment becomes the focus of investor. In addition, under the new normal economic background, constructing a scientific and rational investment portfolio to achieve the purpose of increasing the value of wealth, has become an important demand of individual and institutional investors. In this paper, we choose the art market’s hottest contemporary painting market as the research object, through theoretical and empirical research, in-depth to explore the status of art investment performance,as well as works of art in the application portfolio.Firstly,this paper combs the research progress at home and abroad through two angles:the risk-return characteristics of artwork investment and risk diversification effect of artwork included in the portfolio.Then this paper analyzes the current situation of the development of Chinese art market and the present situation of art investment, reflecting that the development of our art market is gradually maturing, which provides a good market environment to art investment.Secondly, investors inevitably need to make the overall price trend in the art market assessment and judgment when making investment decisions artwork. Art price index is the premise and foundation of studying art portfolio. This paper describes methods of constructing artwork price index, and through comparative analysis, we elected "Contemporary Calligraphy 50 Index" to represent the development state of contemporary painting market.Finally, through empirical research, this paper discusses the impact on art investment portfolio performance. By using Markowitz portfolio theory, this paper analyzes the investment performance of traditional art market and investment market (stock market, bond market and fund market), and the correlation of different markets. The art market shows an negative correlation with other traditional investment markets, which is a prerequisite of artwork investment portfolio.Then this paper constructs two different portfolios which contain artwork and without of artwork, and comparatively analyzes of the different performances between the two portfolios, drawn a conclusion that artwork can optimize the portfolio.The innovations in this paper are embodied in the aspects as follows:(1) The assets involved in the study of domestic scholarsare is relatively single. This paper uses Markowitz mean-variance model, and built a portfolio of art and stocks, bonds and funds to investigate whether the portfolio can be optimized. (2) Since artwork is different from other investment assets, it has the characteristics of heterogeneity and poor mobility.Therefore, this paper uses the price index of artworks based on the RSR model. And since transaction costs and related taxes have a greater impact on the revenue of art, this paper takes a full account of the impact of artwork transaction costs and taxes on art income, which drawing a relatively accurate artwork investment performance. |
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