The course explores the following subjects.



Current economic uncertainty and high volatility has generated a sustained investor appetite for assets that show low correlation with traditional financial instrument such as equity, funds and bonds. The focus has shifted from maximization of returns towards capital protection and diversification. Even if emotional pleasure remains one of the key motivational factors for art buyers, art has turned into an investment which offers low correlation with the equity
markets and capital preservation over long periods of time. This module explores how the tools of modern finance (risk, return and portfolio diversification) can be applied to major art markets. Furthermore, it includes an analysis of indices and parameters specific to the art world (liquidity, probability to sell at fair prices, etc.) The module ends with an overview of the top-ten most expensive paintings of all time.