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dc.contributor.authorÖztürkkal, Belma
dc.contributor.authorToğan-Eğrican, Aslı
dc.date.accessioned2020-12-12T09:59:34Z
dc.date.available2020-12-12T09:59:34Z
dc.date.issued2020
dc.identifier.issn0885-2545
dc.identifier.issn1573-6997
dc.identifier.urihttps://doi.org/10.1007/s10824-019-09371-2en_US
dc.identifier.urihttps://hdl.handle.net/20.500.12469/3521
dc.description.abstractWe analyze long-term art auction sales data focusing on and around financial crisis periods with other investment returns to understand whether art can be considered a safe haven during volatile times or a hedging option in general by analyzing art auction data in a volatile emerging market. Our findings suggest Turkish art returns are either negatively correlated or at low correlation with other investments, including the equity market. We have the view that art can be considered a hedging mechanism on average to enhance returns and to decrease the risk of portfolios and improve diversification. However, we do not discard the safe-haven hypothesis, either. Although the auction data on the crisis period is limited, results of and around crisis periods show art returns are positively correlated with various volatility indices. In addition, the number of art transactions also increases after the crisis years, which may be a sign of liquidity requirement of some investors and an opportunity for buyers. The benefit is visible especially during years of contractions, which do not end with a very severe crisis, since the art auction market liquidity dries if the crisis is severe.en_US
dc.language.isoEnglishen_US
dc.publisherSpringeren_US
dc.subjectArt marketen_US
dc.subjectHedonic price indexen_US
dc.subjectPortfolio choiceen_US
dc.subjectFinancial crisesen_US
dc.subjectEmerging marketsen_US
dc.subjectHedgingen_US
dc.subjectDiversificationen_US
dc.subjectInvestmenten_US
dc.subjectRisken_US
dc.titleArt investment: hedging or safe haven through financial crisesen_US
dc.typeArticleen_US
dc.identifier.startpage481en_US
dc.identifier.endpage529en_US
dc.relation.journalJournal of Cultural Economıcsen_US
dc.identifier.issue3en_US
dc.identifier.volume44en_US
dc.identifier.wosWOS:000498038400001en_US
dc.identifier.doi10.1007/s10824-019-09371-2en_US
dc.contributor.khasauthorÖztürkkal, Belmaen_US
dc.contributor.khasauthorToğan-Eğrican, Aslıen_US


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