The Monetary Appreciation of Paintings: From Realism to Magritte

This study investigates how investments in painted arts compare to those in stocks in terms of risk return trade off using Sharpe and Treynor ratios and Markowitz efficient frontiers. A large database was analysed consisting of more than 10500 auction prices of Belgian painted art over the period 1970-1997. Hedonic art returns are influenced by auction location and auction house, current of art, painters’ reputation, medium, signature and painting size. Surrealism and luminism were the most popular currents of art (in monetary terms), while expressionism and symbolism gained (financial) esteem. This study concludes that art investments underperform equity market investments due to high riskiness, transaction costs, capital gains, resale rights, and insurance premia. In addition, the Markowitz efficient frontier shows limited diversification potential for art.Investing in art;Hedonic regression

¿Los retornados afganos como actores para el cambio?

Se espera de los afganos que han regresado de países industrializados que contribuyan al desarrollo y a la consolidación de la paz en Afganistán. Sin embargo, no suele estar definida qué categoría de retornado se espera que ofrezca qué tipo de cambio

Postcards from Nowhere

Socially constructed western hegemonic masculinities define man’s role in our culture. They become visually apparent in the way men dress and adorn themselves. The hegemonic male’s fashion is ‘generic’ in appearance, paralleling their social stereotype. These stereotypes are accentuated within magazines, also popular culture (music, film, entertainment etc), creating an idolised archetype. In consequence, these stereotypes create restrictions, limiting the choice and design of jewellery available to the hegemonic male. A consistent characteristic of the hegemonic male is the avoidance of beautiful things, in this case jewellery, due to its feminine connotations. This paper will analyse sub-cultures and their dress codes to develop an understanding of how and where men’s fashion jewellery fits in with western hegemonic masculinity. Through investigating three specific subcultures, hip-hop, punk and drag, the circumstance of men wearing and using jewellery is explored in conjunction with how these men represent their different ideal masculinities. This exploration raises points regarding the influences socially constructed norms have on jewellery design and how overt masculine personas seem to obtain the right to wear unconventional amounts of jewellery. My jewellery series, Artefacts From 3 Sites in Nowhere, reiterates the above research using it as a starting point to develop a collection of jewellery for men. The individual pieces are consciously designed to explore the boundaries of what is conventional and what is progressive in the fashion jewellery market. More specifically it aims to create an alternative choice for men who are willing to break social norms and decorate and beautify themselves

The Monetary Appreciation of Paintings:From Realism to Magritte

This study investigates how investments in painted arts compare to those in stocks in terms of risk return trade off using Sharpe and Treynor ratios and Markowitz efficient frontiers. A large database was analysed consisting of more than 10500 auction prices of Belgian painted art over the period 1970-1997. Hedonic art returns are influenced by auction location and auction house, current of art, painters’ reputation, medium, signature and painting size. Surrealism and luminism were the most popular currents of art (in monetary terms), while expressionism and symbolism gained (financial) esteem. This study concludes that art investments underperform equity market investments due to high riskiness, transaction costs, capital gains, resale rights, and insurance premia. In addition, the Markowitz efficient frontier shows limited diversification potential for art.