Art investments for portfolio diversification

Daiva Jureviciene, Jekaterina Savicenko

Research output: Contribution to journalArticle


The paper constitutes an argumentation of art investments as portfolio diversification tool, presents conception of investments in art and analyses the impact of environment on art investments. In addition, the basic art market indexes were compared and Artprice Global Index forecast was conducted by applying the Moving Trend Line method. The main objective of this paper is to investigate art as an investment tool for diversification of investment portfolio. In order to evaluate the possibility to use art investments for portfolio diversification a correlation regression analysis was made. Creating and assessment of optimal portfolios and finding efficient frontiers was based on the material of C. W. Holden from Indiana University, entitled “Excel Modelling and Estimation in Investments”. The article compares return and risk of the portfolios comprising art investment.
Original languageEnglish
Pages (from-to)197-212
JournalIntelektinė ekonomika
Issue number2
Publication statusPublished - 2012



  • Investment
  • Art
  • Artprice Global Index

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