@techreport{d646bdab052f48f3b090a67a2ef6cdc3,
title = "The Investment Performance of Classical Swedish Painters",
abstract = "This paper studies the investment properties of paintings. It applies a hedonic regression model on a unique sample of more than 8,000 paintings by classical Swedish painters traded in the period 2010-2023. To address sample selection bias regarding sold and unsold paintings, it uses a Heckman correction. Despite some very high prices for paintings, the price index for the sample paintings underperforms well-used indexes for stocks, bonds, and real estate, while its volatility is much higher. The study shows that paintings of classical Swedish painters have a very limited role when constructing optimal investment portfolios.",
author = "Steffen Eriksen and Maryana Parkhomenko and \{De Ridder\}, Adri and Bert Scholtens",
year = "2025",
month = feb,
language = "English",
volume = "2025003-EEF",
series = "FEBRI Research Reports",
publisher = "University of Groningen, FEB Research Institute",
type = "WorkingPaper",
institution = "University of Groningen, FEB Research Institute",
}