Of course, under the background of loose monetary policy, real estate regulation and the decline of A-shares, other investment markets, including traditional artworks, will naturally benefit. Judging from the actual return data, it will also increase the attractiveness of art investment. According to the global art price index constructed by Mei Jianping and Michael Moses, professors of new york University in the United States, it is calculated that the annualized rate of return of art investment in the past 30 years is 5.7%, and the annualized rate of return in the past 60 years is 8.8%, which is only about 1% lower than the US National Standard & Poor's 500 stock index, but the correlation between the rate of return on art and the stock market is very low. The correlation coefficient is -0. 12, so it has a good hedging effect on the stock market. Yachang Art Market Monitoring Center has calculated the investment return rate of China art market 20 14 years ago, and the average annualized return rate of painting and calligraphy art is 19%, and the annualized return rate of art held for 5 years to 10 years is higher.
These performance indicators enhance investors' interest in art and regard art as a very important alternative investment. However, is this the investment value of art? Is there any value other than economic return?
The elite's way of managing money in Qing dynasty
For wealthy families, if they live in a patriarchal society, property security may be challenged at any time, and precious works of art such as antiques also have the advantages of keeping their wealth hidden and being portable and easy to carry. Once they hear that they will be robbed, they can always run away with antique calligraphy and painting, but stock investment and bank savings are not so convenient.
Most importantly, when we sort these cases according to the scale of family assets, we see that with the increase of total assets, the proportion of farmland real estate has dropped significantly. Generally speaking, with the increase of family wealth, the portfolio structure of financial management will change. In the early days, it was mainly farmland, and after accumulating to a certain extent, it turned to gold and silver, antiques, porcelain, calligraphy and painting, and intangible financial assets. For example, in 1782, Chen Huizu, the governor of Fujian and Zhejiang, was robbed of his property. His property value is 472,000 taels of silver, of which only 4% is in other places, 44% is gold, jade, copper, antiques, calligraphy and painting, and 5 1% is financial assets pawned in banks.