RETURNS FROM THE ART MARKET. PRICE INDEX EVALU-ATED FOR THE MOST-TRADED POLISH PAINTERS

Relatively new approach toward investing is to concern pieces of art as investment instrument or collateral. In order to decide whether art is a good investment, it is necessary to evaluate expected returns, which might be obtained from such investment thus an art price index should be devel_x0002_oped. The aim of the paper is to discuss artworks as investment assets and evaluate price index of paintings produced by 11 Polish artists whose art_x0002_works were traded the most often on auctions that held in Poland in the years 2007-2010. In our research, employing data concerning 750 objects, we ap_x0002_ply hedonic index methodology to estimate returns from the paintings mar_x0002_ket. Our results justify the opinion that art can be treated as safe asset class, especially in comparison to equity market.