Art as an Investment and Conspicuous Consumption Good
用消费资产定价模型解释艺术品平均金融回报低且波动大的现象，指出艺术品兼具跨期消费转移和财富信号功能，其炫耀性消费红利导致低回报，风险溢价甚至可能为负。
This paper provides a simple and empirically plausible model of artworks as investment vehicles. It reconciles the observation that average financial returns for collectibles are low and volatile with the theory of consumption-based asset pricing. Art assets are appealing both for their ability to transfer consumption over time and for their use as signals of wealth, as in the literature on the demand for luxuries. Adding art value to utility, returns also reflect this “conspicuous consumption” dividend; as a result, average financial returns are low. Risk premia for artworks are predicted to be modest or even negative.