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Betting on genius

机译：投注天才

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Investors in fine art have often kidded themselves that they are making better returns-and getting more pleasure-from the Van Gogh on the boardroom wall than from the equities in their corporate pension fund. Up to a point this seems to be true. An index of fine-art sales tracked since 1952 shows paintings generally outperforming the S&P 500 index (see chart). But woe betide any investor forced to sell at the wrong time. Prices of fine art fluctuate even more wildly than stocks, and transaction costs can be prohibitive, with combined commissions paid at public auctions by both buyer and seller of some 25%, to say nothing of the spread between bid and offer in a private sale. Art has not been considered a mainstream asset class because of the opacity of the market, the dearth of financial information and general illiquidity. Moreover art, unlike equities, bonds or property, produces no income. It is also at the mercy of fickle public taste. Will this ever change? Michael Moses at New York University's Stern School of Business thinks so. Rather like real estate investment trusts, "we will have art investment funds in the future," says Mr Moses. Petra Arends at UBS Art Banking, which provides services to private clients, is sceptical: "Art is not an established asset class because its volatility and risk are too high."
机译：美术的投资者常常自欺欺人，他们从董事会墙上的梵高那里获得的回报比从公司养老基金中的股票获得的回报更高，并且获得了更多的乐趣。在某种程度上，这似乎是正确的。自1952年以来跟踪的艺术品销售指数显示，绘画总体上胜过标准普尔500指数（见图）。但可悲的是，任何被迫在错误的时间卖出的投资者。艺术品的价格波动甚至比股票的波动更大，交易成本高得让人望而却步，买卖双方在公开拍卖中所支付的佣金加起来约为25％，更不用说私下买卖之间的价差了。由于市场的不透明，财务信息的匮乏和普遍的流动性不足，艺术品未被认为是主流资产类别。此外，与股票，债券或财产不同，艺术不会产生任何收入。它也受制于善变的公众品味。这会改变吗？纽约大学斯特恩商学院的迈克尔·摩西（Michael Moses）就是这么认为的。摩西先生说，就像房地产投资信托基金一样，“未来我们将拥有艺术品投资基金。” Petra Arends在为私人客户提供服务的瑞银艺术银行（UBS Art Banking）表示怀疑：“艺术不是固定资产类别，因为其波动性和风险过高。”

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