Art and finance coalesce in the elite world of fine art collecting and investing. Investors and collectors can’t protect and profit from their collections without grappling with a range of complex issues like risk, insurance, restoration, and conservation. They require intimate knowledge not only of art but also of finance. Clare McAndrew and a highly qualified team of contributors explain the most difficult financial matters facing art investors. Key topics include: Appraisal and valuation Art as loan collateral Securitization and taxation Investing in art funds Insurance The black-market art trade Clare McAndrew has a PhD in economics and is the author of The Art Economy. She is considered a leading expert on the economics of art ownership.
Art and finance coalesce in the elite world of fine art collecting and investing. Investors and collectors can’t protect and profit from their collections without grappling with a range of complex issues like risk, insurance, restoration, and conservation. They require intimate knowledge not only of art but also of finance. Clare McAndrew and a highly qualified team of contributors explain the most difficult financial matters facing art investors. Key topics include: Appraisal and valuation Art as loan collateral Securitization and taxation Investing in art funds Insurance The black-market art trade Clare McAndrew has a PhD in economics and is the author of The Art Economy. She is considered a leading expert on the economics of art ownership.
Financial markets are noisy and full of half-baked opinions, innuendo, and misinformation. With deep insights about investor psychology, Book of Value shows how to apply tools of business analysis to sort through the deceptions and self-deceptions in financial markets. Anurag Sharma joins philosophy with practical know-how to launch an integrated approach to building high-performance stock portfolios. Investors at all skill levels should learn to be mindful of their psychological biases so they may better frame investment choices. Book of Value teaches novices that investing is not a game of luck but a skill—and it teaches the emotional and analytical tools necessary to play it well. Intermediate investors learn how to effectively control emotions when investing and think strategically about their investment program. Advanced investors see the formalization of what they already know intuitively: that the philosopher's methods for seeking truth can be profitably applied to make smart investments. A groundbreaking guide full of lasting value, Book of Value should be on the shelf of anyone who takes investing seriously.
Money is not an end itself but is a means to an end, and none other than John Maynard Keynes felt that the goal of human life should be not the making of money but the creation and appreciation of artistic works of true beauty. Yet the transformation of money in a bank account into an artistic work of true beauty, and vice versa, is no longer (if it ever were) a straightforward process. Money—and in particular finance—touches each person involved in the art world, yet most people’s understanding of how it affects the art markets, or how to utilize it in their own transactions, is usually pretty hazy. The general business press has hyped the advantages of investing in art, but market veterans know that there are more ways to lose many than to make it when speculating on art. In Essentials of Fine Art Finance, M. Franklin Boyd answers the many questions one might have when embarking on the financials aspects of the art world: What is a 3031 Exchange, and how—step by step—would a collector, an advisor, and a gallerist be involved in one? What should a private wealth manager know about art investment funds? What type of profit sharing arrangement makes sense for an artist working today? How do the desired terms of a standard art loan change depending on whether you are the banker or the collector? With actionable information and practical advice for people engaged in the art market, Boyd answers all of these questions and more and effectively demystifies the many topics and processes inherent in art finance.
Apart from MiFID, the Alternative Investment Fund Managers Directive (AIFMD) may be the most important European asset management regulation of the early twenty-first century. In this in-depth analytical and critical discussion of the content and system of the directive, thirty-eight contributing authors – academics, lawyers, consultants, fund supervisors, and fund industry experts – examine the AIFMD from every angle. They cover structure, regulatory history, scope, appointment and authorization of the manager, the requirements for depositaries and prime brokers, rules on delegation, reporting requirements, transitional provisions, and the objectives stipulated in the recitals and other official documents. The challenging implications and contexts they examine include the following: – connection with systemic risk and the financial crisis; - nexus with insurance for negligent conduct; - connection with corporate governance doctrine; - risk management; - transparency; - the cross-border dimension; - liability for lost assets; - impact on alternative investment strategies, and - the nexus with the European Regulation on Long-Term Investment Funds (ELTIFR). Nine country reports, representing most of Europe’s financial centres and fund markets add a national perspective to the discussion of the European regulation. These chapters deal with the potential interactions among the AIFMD and the relevant laws and regulations of Austria, France, Germany, Italy, Luxembourg, Liechtenstein, The Netherlands, Malta and the United Kingdom. The second edition of the book continues to deliver not only the much-needed discussion of the inconsistencies and difficulties when applying the directive, but also provides guidance and potential solutions to the problems it raises. The second edition considers all new developments in the field of alternative investment funds, their managers, depositaries, and prime brokers, including, but not limited to, statements by the European Securities and Markets Authority (ESMA) and national competent authorities on the interpretation of the AIFMD, as well as new European regulation, in particular the PRIIPS Regulation, the ELTIF Regulation, the Regulation on European Venture Capital Funds (EuVeCaR), the Regulation on European Social Entrepreneurship Funds (EUSEFR), MiFID II, and UCITS V. The book will be warmly welcomed by investors and their counsel, fund managers, depositaries, asset managers, administrators, as well as regulators and academics in the field.
Aimed at collectors and investors, this user-friendly guide explains art's value as an asset through comparisons with more familiar investments, including property, shares and gold. It draws on extensive research and interviews with key players in these other markets, as well as the author’s own experience, to clarify the specifics of art as an asset class.
This book provides a comprehensive overview of the professional activities of the art business. Addressing this fast-moving industry, The Art Business: Art World, Art Market analyses the sector’s institutions and structures, including galleries, auction houses and art fairs. The rapid development of art finance and its deployment of art as an asset class are covered, and up to moment observations are delivered on the quickly evolving auction system that includes dramatic changes at the major auction houses, Sotheby’s and Christie’s. This edition highlights growing crises in the market including the ever more unbearable costs of art fair attendance and the lack of a reliable system for establishing ownership and title of artworks. Ever more pressing ethical issues such as toxic museum donors, cultural heritage compliance, and problems of corrupt provenances are explored in detail. Enhanced by new data analytics on the US art market, the author also distils advice and guidance for working art professionals hoping to build their careers. The result is an up-to-date picture of an art business suitable for students and practitioners across the creative sector.
This book evaluates investment opportunities such as life settlements, litigation funding, farmlands, royalties, weather derivatives, collectables and other unique asset classes. It provides an in-depth analysis of the returns, risks, opportunities and portfolio effects for anyone who wants to expand their investment horizons. This book is for individual investors, financial advisors, and academics who desire knowledge about investment products beyond just stocks and bonds or vanilla hedge funds, private equity and real estate investments. It provides a critical link to industry data and original research to support the case for adding exotic alternative investments to traditional portfolios.
