Abstract We analyze long-term art auction sales data focusing on and around financial crisis periods with other investment returns to understand whether art can be considered a safe haven during volatile times or a hedging option in general by analyzing art auction data in a volatile emerging market. Our findings suggest Turkish art returns are either negatively correlated or at low correlation with other investments, including the equity market. We have the view that art can be considered a hedging mechanism on average to enhance returns and to decrease the risk of portfolios and improve diversification. However, we do not discard the safe-haven hypothesis, either. Although the auction data on the crisis period is limited, results of and around crisis periods show art returns are positively correlated with various volatility indices. In addition, the number of art transactions also increases after the crisis years, which may be a sign of liquidity requirement of some investors and an opportunity for buyers. The benefit is visible especially during years of contractions, which do not end with a very severe crisis, since the art auction market liquidity dries if the crisis is severe.

中文翻译：

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艺术投资：金融危机中的对冲或避风港

摘要 我们重点分析金融危机时期及前后的长期艺术品拍卖销售数据以及其他投资回报，通过分析动荡的新兴市场中的艺术品拍卖数据，了解艺术品是否可以被视为动荡时期的避风港或一般的对冲选择. 我们的研究结果表明，土耳其艺术回报与其他投资（包括股票市场）要么负相关，要么相关性较低。我们认为艺术可以被视为一种平均对冲机制，以提高回报并降低投资组合的风险并改善多元化。然而，我们也不放弃避险假设。尽管危机时期的拍卖数据有限，但危机时期及前后的结果显示艺术品收益与各种波动性指数呈正相关。此外，危机年后艺术品交易的数量也有所增加，这可能是一些投资者的流动性需求的标志，也是买家的机会。好处是显而易见的，尤其是在收缩多年期间，这并不会以非常严重的危机结束，因为如果危机严重，艺术品拍卖市场的流动性就会枯竭。