Peculiarities of selection of investment artworks

Daiva Jureviciene, Bozena Kostecka

Research output: Contribution to journalArticle


The article deals with the art market and key dimensions of investment in art and distinguishes the peculiarities of selection of artworks for investment purposes, covering the main features of the art market. Methodologies of composition of art price indices are analysed. An art market trend analysis is conducted based on statistical data and variations of the Artmarket Global index for the last decade. Using the ARIMA forecasting method, the forecast of artwork price changes in 2014-2015 is conducted. The forecast is presented for the aggregate Artmarket Global index and for different art movements (old masters, impressionism and post-impressionism, modern art, contemporary art) to fi gure out which of them are the best for investments in the near future. The paper further investigates a new Artistic Power Value (APV) ratio and its adequacy for analysis which makes it easy to assess the suitability of investment in artworks and to compare works of art from various sections. Finally, investment decision-making characteristics of the art market are distinguished.
Original languageEnglish
Pages (from-to)71-88
JournalActa Oeconomica Pragensia
Issue number5
Publication statusPublished - 2014



  • Art market
  • Investing in artwork
  • Art market trends
  • Art price index forecast

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