Chapter 12
Art and collectibles
“I would rather my family’s wealth was tied up in a Titian than in a bank share,” one art consultant told the author. An expectation that old-master paintings will hold value from generation to generation supports the case for investing in art. This contrasts with investments in individual companies where success can be followed by decline or collapse. But the art market, like the stockmarket, is diverse and the reasons for expecting a Titian to remain highly valued need to be distinguished from what Michael Moses, formerly a professor at New York University’s Stern School of Business, has called the “growth stock” arguments in favour of investing in contemporary art.
William Baumol, emeritus professor of economics ...
