Art and the Economy: A First Look at the Market for Paintings in Turkey

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dc.authoridAtukeren, Erdal/0000-0001-7624-7294
dc.authorwosidAtukeren, Erdal/J-7676-2019
dc.contributor.authorSeckin, Aylin
dc.contributor.authorAtukeren, Erdal
dc.date.accessioned2024-07-18T20:52:18Z
dc.date.available2024-07-18T20:52:18Z
dc.date.issued2006
dc.departmentİstanbul Bilgi Üniversitesien_US
dc.description.abstractWe investigate the relationships between the return on investments in paintings and other financial investments in Turkey. To this aim, we estimate a hedonic price index for a portfolio of Turkish painters. We find that investing in the market for paintings is a viable alternative even in an environment of high inflation and large macroeconomic volatility. The portfolio under investigation yielded a small but positive real return. Still, stock market returns are higher than the returns in the art market. Furthermore, we find a rather high correlation between stock returns and art market returns. However, the returns to investing in paintings are negatively correlated with the returns on traditional investment alternatives in a developing country context, such as foreign exchange, gold, and bank deposits. Hence, there might exist some room for portfolio diversification. Nevertheless, the time horizon of the investments is a key factor especially in portfolios involving art objects.en_US
dc.identifier.issn1545-2921
dc.identifier.scopus2-s2.0-70350778790en_US
dc.identifier.scopusqualityQ3en_US
dc.identifier.urihttps://hdl.handle.net/11411/8622
dc.identifier.volume26en_US
dc.identifier.wosWOS:000216784900003en_US
dc.identifier.wosqualityN/Aen_US
dc.indekslendigikaynakWeb of Scienceen_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherEconomics Bulletinen_US
dc.relation.ispartofEconomics Bulletinen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.titleArt and the Economy: A First Look at the Market for Paintings in Turkeyen_US
dc.typeArticleen_US

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