Investment horizon for private‐value assets: Evidence from the art market
研究了艺术品作为资产类别时，收藏家的投资期限如何受个人品味和估值不确定性影响，发现高市场价值的艺术品交易更频繁，而高个人估值则导致持有期更长。
Abstract Over the past two decades, the idea of purchasing art as an asset class has attracted many collectors with investment goals to the art market. I examine how collectors trade art by focusing on their investment horizons. Controlling for quality and market conditions, I show that collectors' personal tastes and uncertainty in valuation could affect how long they keep their artwork. I also find that specific characteristics of artwork or artists are determinants of investment horizons. The natural conclusion of the findings is that artwork with high common market value is traded more frequently, whereas higher personal valuation can lead to longer duration ownership.