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艺术品抵押贷款作为艺术品市场的新兴产物,在国内市场并未形成大气候。本文以美国等海外市场为主结合实例分析,试图解读海外艺术品抵押贷款的现状。根据瑞士信贷集团2012年7月的报告,艺术品指数的回报率远高于股票指数,而波动性风险却更低。不仅如此,艺术品作为一类资产与其他资产种类(股票、债券和黄金等)的联动性也很低,这些特点凸显了艺术品在资产持有组合中起到的风险抵消的作用。然而有利有弊,艺术品投资的缺陷也同样明显,艺术品有形、唯一、
As an emerging product in the art market, the art mortgage loan has not formed a major climate in the domestic market. In this paper, the United States and other overseas markets as the main case analysis, trying to interpret the status quo of overseas art mortgage loans. According to Credit Suisse Group’s July 2012 report, the return on the art index is much higher than the stock index, but the volatility risk is lower. What’s more, the linkage of works of art as a class of assets to other asset classes (stocks, bonds, gold, etc.) is also very low, highlighting the role of art in offsetting the risk of portfolio holdings. However, there are advantages and disadvantages, the flaws in the art investment is also obvious, the tangible, unique,