The Iconic Boom in Modern Russian Art - HEC Paris - École des hautes études commerciales de Paris Access content directly
Journal Articles Journal of Alternative Investments Year : 2011

The Iconic Boom in Modern Russian Art


Motivated by the fast growth of personal wealth in emerging economies like Russia, the authors investigate the investment performance of modern Russian art. A hedonic analysis of more than 50,000 art transactions results in a geometric average return of 3.97%, in real USD terms, between 1967 and 2007. The Russian art index shows an impressive annualized return of 12.37% since 1997. This is roughly double the average yearly appreciation of a global art market index over the same period. Art from the nineteenth century has performed especially well. The returns on Russian art correlate positively with the returns on global equities, gold, and (especially) London real estate. Also, they seem to be affected more by trends in oil prices than are global art prices. The results illustrate how the new wealth created in fast-developing economies has an impact on the demand for art from these countries, which reflects a home bias in taste.



Dates and versions

hal-00623476 , version 1 (14-09-2011)



Christophe Spaenjers, Luc Renneboog. The Iconic Boom in Modern Russian Art. Journal of Alternative Investments, 2011, 13 (3), pp.67-80. ⟨10.3905/jai.2011.13.3.067⟩. ⟨hal-00623476⟩


100 View
0 Download



Gmail Facebook Twitter LinkedIn More