Measuring Returns on Investments in Collectibles
回顾了构建价格指数的方法，并讨论了计算收藏品回报率的研究，发现多数收藏品实际回报为正，但风险更高、回报低于股票。
This paper considers the question of how to measure and interpret the financial return to investing in collectibles. We review various methodologies for creating priced indexes and then discuss studies that explicitly calculate a rate of return to some set of collectibles. While most collectibles appear to yield positive real returns, the majority embody more risk and yield lower financial returns than stocks. Other characteristics of collectibles prices, such as covariance with other asset prices, are also examined.