Resumen de Portfolio management with art assets
Elena de la Poza Plaza, M. Natividad Guadalajara Olmeda, Ismael Moya Clemente
The art market, embracing its different disciplines and its different supports, it is nowadays considered an alternative investment to other assets. This fact has made many economists feel interested in the art market. However there is a gap in the literature related to the empiric study of diversified portfolios of art combined with other financial assets, such as stocks. This fact can due to the informative asymmetry that characterizes the art market from others This paper tests two propositions: the first one states that a classical investor (an investor who trades with stocks) maximizes his returns investing in portfolios combining art and stocks in order to get higher returns with the same risk level that he would assume investing only in the Stock Exchange Market. The second one states that an art investor reduces the high volatility of this class of assets diversifying his investments in stocks.
