Sensitivity of the Art Market to Price Volatility

The purpose of the article: art market becomes very popular among investors, when there is strong turbulence on stock market. In times calm, used by investors to diversify risk and build more efficient investment portfolios according Markovitz’s theory. aim this paper to: (i) present peculiarity market, represented indexes in comparison traditional investments other financial segments (money equity commodity market), (ii) verify hypothesis normality distribution rates return analyzed indices as well (iii) analyze calendar effects occurrence market.
 Methodology: Comparison stock, bond, money markets with four different time intervals. For each periods, an income-risk map was presented, taking into account spectrum instruments, including six indexes: Old Masters, 19th Century, Modern art, Post War Contemporary Global art. for periods verified use Jarque-Bera test.
 Results research: leads conclusion that their relationship depends period chosen. two were higher than but others opposite. quarterly resulted be a normal almost all periods. Calendar observed case indexes.