Acta Oeconomica
Volume/Issue:
Volume 68: Issue 4
Financial returns and cultural price determinants on the polish art market, 1991–2012
Authors:
Sylwester Białowąs Poznań University of Economics and Business, Poland

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Tomasz Potocki Faculty of Economics, Department of Economic Policy, University of Rzeszów, Poland

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Anna Rogozińska Faculty of Education and Curatorial Studies, Department of Curating and Art Theories, University of the Arts Poznań (UAP), Poznan, Poland

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Pages:
591–615
Online Publication Date:
Dec 2018
Publication Date:
01 Dec 2018
Article Category:
Journal Article
DOI:
https://doi.org/10.1556/032.2018.68.4.6
Keywords:
art; Polish art market; the art index; emerging art markets; transition economy; repeated sales regression; risk and returns; C43; Z11; G11; G14
Restricted access

The paper investigates the price determinants, risk/return characteristics and investment performances of the Polish art market. Special attention is given to cultural and historical determinants underlying the creation of the Polish art market after 1989 and the dynamics of changes in the first two decades after the system transition. Data from auction annuals during the years from 1991 to 2012 and repeat-sales regression (RSR) method are used to create the index of 28,951 art transactions. Based on the art index values, we observe that the art index for the Polish auction market exhibits similar returns to the ones on treasury bonds and much lower returns than the ones on the Polish stock and gold prices. The volatility of the art index is, what is striking, much lower than the volatility of stocks, comparable to gold prices and much higher than the volatility of treasury bonds. Moreover, high correlation between art and money market instruments suggests a limited portfolio diversification opportunity.

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Cover Acta Oeconomica
Acta Oeconomica Periodical of the Hungarian Academy of Sciences
Print ISSN:
0001-6373
Online ISSN:
1588-2659

Senior editors

Editors-in-Chief: István P. Székely, Dóra Győrffy

Editor(s): Judit Kálmán

Associate Editors

  • Péter Benczúr, Joint Joint Research Center, European Commission
  • Dóra Benedek, International Monetary Fund
  • Balázs Égert, OECD
  • Dániel Prinz, World Bank
  • Rok Spruk, University of Ljubljana, School of Economics and Business, Slovenia

Editorial Board

  • Anders Åslund, Georgetown University and Advisory Council of CASE, USA
  • István Benczes, Corvinus University of Budapest, Hungary 
  • Agnieszka Chłoń-Domińczak, SGH Warsaw School of Economics, Poland
  • Fabrizio Coricelli, University of Siena, Italy
  • László Csaba, Corvinus University of Budapest, Hungary and Central European University, Austria
  • Beáta Farkas, Faculty of Economics and Business Administration, University of Szeged, Hungary
  • Péter Halmai, Budapest University of Technology and Economics, and National University of Public Service, Hungary
  • Martin Kahanec, Central European University, Austria
  • David Kemme, University of Memphis, USA
  • Michael Landesmann, The Vienna Institute for International Economic Studies (WIIW), Austria
  • Péter Mihályi, Corvinus University of Budapest, Hungary
  • Debora Revoltella, European Investment Bank

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary
E-mail: judit.kalman@uni-corvinus.hu

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Scopus  
CiteScore  
CiteScore rank  
SNIP  
Scimago  
SJR index 0.201
SJR Q rank Q3

2023  
Web of Science  
Journal Impact Factor 0.7
Rank by Impact Factor Q3 (Economics)
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CiteScore 1.4
CiteScore rank Q3 (Economics and Econometrics)
SNIP 0.385
Scimago  
SJR index 0.218
SJR Q rank Q4

Acta Oeconomica
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Acta Oeconomica
Language English
Size B5
Year of
Foundation		 1966
Volumes
per Year		 1
Issues
per Year		 4
Founder Magyar Tudományos Akadémia
Founder's
Address		 H-1051 Budapest, Hungary, Széchenyi István tér 9.
Publisher Akadémiai Kiadó
Publisher's
Address		 H-1117 Budapest, Hungary 1516 Budapest, PO Box 245.
Responsible
Publisher		 Chief Executive Officer, Akadémiai Kiadó
ISSN 0001-6373 (Print)
ISSN 1588-2659 (Online)

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