Monday, December 8, 2008


The Art Economy: -
An Investor's Guide to the Art Market
By Clare McAndrew

The global market for works of art comprised an estimated €45 billion worth of sales in 2005, the bulk of which took place in the art centres of New York and London. With prices for some artists soaring to record levels and reports of spectacular profits, speculation in the art market is on the rise. Savvy investors are increasingly realising that far beyond aesthetic appeal, investment in this unique and specialized asset class can be used to effectively diversify risk, provide a hedge against stocks and other assets, and potentially generate significant returns in the medium to long term.

The Art Economy, looks at the development of the global market for works of art and focuses on the value of art as a financial investment, explaining the features of the market and breaking down some of the myths about the art economy. There has been a renewed shift in writing about art for investors within art and finance magazines, often by respected economists and market research groups. However, despite this interest, there is no one book that marries the world of finance and art into an understandable guide that appeals to both aspiring art collectors and investors as well as providing an invaluable resource for those already in the art trade. The Art Economy will fill that void and provide a title that has both international and long-term appeal. The book will guide current and potential art collectors and investors towards new and existing art markets, with the help of a number of well-respected experts in the spheres of art and finance and the latest economic research

About the Author
Dr Clare McAndrew received her Ph.D. in Economics from Trinity College Dublin in 2001. Her thesis was entitled “International Trade and the Market for Works of Art”. She was chief economist at Kusin and Company in the US, an institutional economic research firm specialising in art investment, and has worked as a consultant on art projects for the Policy Studies Institute (UK), the Arts Council of England, the Arts Council of Ireland and Hibernian Consulting. Currently Editor of Wealth magazine, Dr McAndrew is recognised as one of Ireland’s leading experts on investing in art.

ISBN 978-1-905785-09-4; €35.00 hardback (€29.95 if purchased online)

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