Open Access Article SciPap-746
Trends in the Changes on the International Art Market
by Ewelina Sokołowska 1,*

1 Faculty of Management, Department of Corporate Finance, University of Gdańsk, , Sopot , Poland

* Authors to whom correspondence should be addressed.

Abstract: The main goal of the article is to present investing in art as contemporary financial innovation. Investing in artifacts, compared to traditional forms of capital allocation, is an alternative form of investment. The art market is an attractive form of investment, because it combines economic aspects of capital allocation with aesthetic sensations. Enrichment of the society significantly stimulates development of the art market. For nearly a decade, international art market has been characterized by a dynamic growth rate. Up until the outbreak of the financial crisis in 2008, the growth rate ranged from 30% to 60% annually. The value of the global art market in 2013 was 63 billion dollars, while the sale of artifacts between the years 2009 and 2013 increased by 60%. It indicates the prospects for further development of this segment of the international alternative investments market. As such, analysis of the changing trends on the international art market seems to be of interest. To lead such analysis, the method of induction and deduction have been use.

Keywords: Financial Innovation, Art Investment, Alternative Investments, Analysis Of The Market, Wealth Management

JEL classification:   G11 - Portfolio Choice • Investment Decisions,   G19 - Other,   Z11 - Economics of the Arts and Literature

SciPap 2015, 23(1), 746

Received: 1 January 2015 / Accepted: 8 April 2015 / Published: 27 April 2015