THE ROLE OF ART INVESTMENT AS A HEDGE OR SAFE HAVEN

By Belma Öztürkkal and Asli Togan-Egrican

Can art can be considered a safe haven during volatile times or a hedging option in general? we analyze long-term art auction sales data focusing on and around financial crisis periods 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.

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