国产av不卡一区二区_欧美xxxx做受欧美_成年人看的毛片_亚洲第一天堂在线观看_亚洲午夜精品久久久中文影院av_8x8ⅹ国产精品一区二区二区_久久精品国产sm调教网站演员_亚洲av综合色区无码一二三区_成人免费激情视频_国产九九九视频

US EUROPE AFRICA ASIA 中文
China / Cover Story

Investors get the picture with art

By Zhu Jin, Pei Pei and Jiang Xueqing in Beijing (China Daily) Updated: 2012-05-18 07:36

Buyers in the frame to hedge against risks in other sectors, report Zhu Jin, Pei Pei and Jiang Xueqing in Beijing.

Investors get the picture with art

A woman takes a phone bid at Beijing Tranthy's 2012 Spring Auction on May 16. Hu Yilin / for China Daily

When Zhao Zhike visited the Shanghai World Expo in October 2010, he stumbled upon Beautiful Asset Management, a Beijing-based company that specializes in the management of art investment funds.

Based on his previous investment experience, Zhao, who runs an international trading business in Beijing, believed art could become a highly profitable tool to hedge against inflation.

Make no mistake, art is big business. Earlier this month The Scream, probably the most famous work by the Norwegian artist Edvard Munch, sold for $119.9 million in New York. That price tag saw the painting become the most expensive work ever sold at auction, despite being one of four copies made by the artist. The other three are all owned by museums in the artist's home country.

After consulting friends and several contacts at BAM, Zhao began to invest in art at the end of 2010. He now puts around 20 or 30 percent of his total annual investment into art funds, equivalent to 2 to 3 million yuan ($317,420 - $475,970).

Investors get the picture with art

When traditional investments, such as equities and real estate, were in recession in 2011, art funds prospered as investors sought a hedge against long-term inflation. More than 70 funds have been founded by nearly 30 art investment companies since 2009 with a combined value of 5.77 billion yuan, according to an investigation by the Chinese magazine, Money Journal, at the end of 2011.

"Although the total scale of art investment is still small compared with other funds, it has taken less than five years to realize such a dramatic increase," said Feng Pengcheng, a professor of economics at Beijing's University of International Business and Economics.

Although art investment funds are a relatively new phenomenon in China, they've been used extensively and profitably in other countries. For example, the British Rail Pension Fund was founded in the 1960s when the UK was facing severe currency devaluation. Having consulted senior managers at the auctioneer Christie's, the fund's trustees realized that buying works of art was an effective way of combating inflation and also that the artworks were likely to rise in value, especially once economic stability had been restored.

Rising art investment

However, compared with art funds overseas, those in China have shorter investment periods and also differ in the expected yields and profit distribution, among other aspects.

Data from the National Bureau of Statistics show that China's consumer price index hit 3.3 percent in 2010, rising from minus 0.7 percent in 2009. The country's art investment market rose in tandem with that inflation, especially in terms of auction prices.

According to Art Market Trends, 2010, a report published by Artprice, a renowned data provider, China overtook the United States as the leader in fine art auction sales in 2010, with total revenue of $3 billion, accounting for 33 percent of the global turnover for fine art auction sales. That led to a number of auction houses turning their attention to art investment funds, and financial institutions that were once wary of the market also started becoming involved.

"At present, investment periods in China are relatively short compared with those in developed economies," said Dong Yi, the CEO of BAM, who has a decade of investment experience.

 

Investors get the picture with art

"Art investment funds are suitable for Chinese investors for two reasons. On the one hand, good works of art are too expensive for individual investors. On the other, inexperienced investors may be confused by the market and are likely to require guidance from professionals. There is a group of rich people willing to invest in the market, so those funds have great potential for development," said Dong.

Beijing Bonwin Contemporary Art Investment Co, launched its first art fund in cooperation with China Minsheng Banking Corp in 2007. Setting the entry level at 500,000 yuan, the fund targeted high-end customers and according to a post on the bank's website, investors received a net profit of more than 25 percent just two years later.

Bonwin uses all the available investment models, including financial products, trust plans and private equity, said Huang Yujie, the chairman. He explained that the company's biggest current investment is 400 million yuan, while the smallest is 60 million. The value of its total investment was roughly 1 billion yuan in 2011, and it is slated to reach 3 billion this year.

Just as investors need to refer to the stock market index when trading equities, BAM bases its valuations on the Mei Moses Art Index, established by Mei Jianping, an associate professor of finance at the Stern School of Business at New York University, and Michael Moses, a retired associate professor at the same school. Tracking the trading records of specific art pieces, the index is an objective guide for investors and is rated by Morgan Stanley as one of the 10 most important asset indexes in the world.

"Although the Mei Moses Art Index is open for anyone to check, the methodology behind it is not understood by everybody. Professor Mei applies the methodology to practical investment and combines it with a trading database to make a rational valuation. It is totally different from relying on an individual's perceptual judgment," said BAM's Dong, adding that other art investment funds also base their valuations on analysis of trading figures.

In addition to valuation, risk control is a crucial factor in art investment. "The more important an artwork, the easier it is to establish its authenticity," said Huang of Bonwin. "There are a number of reference points to rely on and they make it extremely hard to forge a well-known piece of art."

He said Bonwin has built an appraisal system with strict rules and procedures that prevent the company from investing in any work of art if a flaw - no matter how tiny - is detected.

BAM, which focuses on contemporary art, said it's able to confirm the authenticity of a piece either with the current owner or the artist who created it, significantly reducing the investment risk. In addition, the company requires copies of all legal documents that ensure provenance and ownership.

Dong said that returns also depend on whether a company is able to continuously increase the added valued of its artworks, because the value of a piece is closely related to its appearance at major exhibitions and inclusion in publications.

In cooperation with the China Arts and Entertainment Group, BAM founded an exhibition company to make its artworks available to a growing number of influential exhibitions overseas. That increases the added value of the artwork and can also boost its price in the primary market.

Investors get the picture with art

A visitor examines a plate from the Ming Dynasty (1368-1644). It is one of artworks that will be auctioned in Beijing on May 19 by the International Auction Company of China. Zhao Juan / China News Service

Speculative bubbles

However, the extremely high prices that some pieces fetch at auction make some observers suspect that speculative bubbles have flooded the market and will burst sooner or later. "A growing number of bubbles have appeared in the auction market, partly because the Chinese have a penchant for gambling and also because it is seen to be more civilized to speculate on art, rather than garlic," said Dong.

Having reflected on this phenomenon, industry insiders now believe that many works are seriously overvalued. But according to Professor Feng of UIBE, auction market fever does not always translate into art market frenzy. That's because auctions operate on the secondary market, while art investment funds usually acquire their works in the primary market, buying directly from artists or collectors.

The financialization of art has also brought a large number of financial professionals into the art market, which can help to prevent irrational investment.

"In the past, collectors entertained themselves in the old market. But now, as more financial institutions become involved, they require standardization. The emergence of art investment funds has played an effective role in achieving that aim, the standardization of the market," according to Dong.

She noted that the market's current trajectory is related to its relatively minor presence when compared with stocks, bonds and other investment vehicles. Currently, China still lacks appraisal institutions good enough to gain recognition from the financial agencies and the punishments for selling forgeries are not severe enough. "Although the art market is not perfect, it will mature gradually, just like the stock market," said Dong.

As an increasing number of individual investors enter the market, the financial institutions promoting art investment funds have been making greater efforts to cultivate appreciation and consumption of the arts. Believing the market has great potential, they explained that if moderately wealthy individuals purchased pieces worth 200,000 to 300,000 yuan, consumption would ripple out from them to other groups.

"The art investment market is a 'blue ocean', although it is not standardized in certain aspects," said Dong, referring to the Blue Ocean business strategy that seeks to achieve growth and profits by generating new demand in previously uncontested markets.

"The government has put great emphasis on the market and, therefore, more capital and talent will flow in. As an increasing number of elite players gather in the cultural field, it will present a great opportunity for the development of the Chinese art investment industry," she said.

Contact the reporters at zhujin@chinadaily.com.cn, peipei@chinadaily.com.cn

Highlights
Hot Topics
...
中文字幕在线观看不卡| 人成网站免费观看| 淫行教师动漫| 999人在线精品播放视频| 日韩亚洲一区中文字幕| 最好看更新中文字幕| 57pao成人国产永久免费| 欧美激情视频在线观看| 欧美成在线视频| 久久伊人色综合| 久久久av亚洲男天堂| 久久精品久久久久| 日韩中文字幕av| 久久精品国产99国产精品澳门 | 女人体1963| hbad中文字幕| 国产午夜视频| 操碰在线免费| 中文字幕一二三区在线观看| 蜜桃tv在线播放| 在线观看视频网站你懂得| 在线观看av影片| 小小水蜜桃在线观看| 深夜福利在线视频| 国产69久久| 一本一道波多野毛片中文在线| 亚洲精品传媒| 成人影欧美片| 国产区美女在线| 在线视频cao| 播放一区二区| 日韩免费高清视频网站| 国产精品极品在线观看| 久久最新网址| 97视频精品| 欧美啪啪一区| 国产亚洲成人一区| 另类中文字幕网| 国产91精品在线观看| 99在线视频精品| 国产免费观看久久| 一区二区三区四区视频精品免费| 亚洲成人av电影在线| 色爱区综合激月婷婷| 欧美日韩一级二级| 欧美r级电影在线观看| 日韩福利视频在线观看| 色狠狠久久aa北条麻妃| 久久久人成影片一区二区三区| 自拍亚洲色图| 一级美女在线| 国产黄色免费电影| 黄色电影免费在线看| 国产精品va在线观看视色| 亚洲电影观看| 欧美激情精品| 日韩大片在线观看| 亚洲日本黄色| 国精品**一区二区三区在线蜜桃 | 成人看片黄a免费看在线| www精品美女久久久tv| 亚洲婷婷综合色高清在线| 五月婷婷激情综合| 91精品午夜视频| 亚洲人成绝费网站色www| 欧美精品一本久久男人的天堂| 男人操女人在线观看| 色猫咪免费人成网站在线观看| 丰满少妇又爽又紧又丰满69| 日本福利片在线| 青春草视频在线观看| jizzyou欧美16| 欧美午夜18电影| 亚洲字幕久久| 蜜桃视频免费观看一区| 91色乱码一区二区三区| 一区二区三区在线视频观看| 欧美日韩精品一二三区| 亚洲精品一区二区三区不| 欧美风情在线观看| 国产变态拳头交视频一区二区| eeuss在线播放| a√在线中文网新版址在线| 竹内纱里奈兽皇系列在线观看| 亚洲国产aⅴ精品一区二区| 日韩大片在线播放| 日日摸夜夜添夜夜添国产精品| 不卡的av中国片| 亚洲一区二区三区爽爽爽爽爽| 在线成人av影院| 少妇高潮久久久久久潘金莲| 原谅我中文字幕| 97在线免费| 成人av电影观看| 亚洲不卡系列| 波多野结衣在线观看一区二区| 亚洲专区免费| 久久久久久日产精品| 福利精品视频在线| 日韩精品在线视频美女| 91禁外国网站| 天天操天天擦| 午夜激情视频在线| 欧美videos粗暴| 国产精品88久久久久久| 国产一区二区三区四区五区美女| 亚洲色图欧洲色图| 日韩欧美三级在线| 欧美激情视频免费观看| 灌醉mj刚成年的大学平面模特| 三级无遮挡在线观看| 老司机成人影院| 精品免费视频| 久久精品久久99精品久久| 中文成人综合网| 成人欧美magnet| 精品日本12videosex| 日韩二区三区四区| 中文字幕一区二区三区不卡在线| 91精品国产色综合久久| 色综合久久悠悠| www视频完整版| 国产原创精品视频| 日本在线一区二区三区| 亚洲国产国产亚洲一二三| 91原创在线视频| 欧美亚洲综合色| www.xxxx精品| 美女福利视频导航| 永久av在线| xxxxxhd亚洲人hd| 久久久水蜜桃av免费网站| 亚洲国产精品精华液ab| 日韩欧美国产1| 亚洲成人偷拍自拍| 88av在线| 嫩草伊人久久精品少妇av杨幂| 欧美激情777| 成人午夜在线视频| 欧美主播一区二区三区美女| 萌白酱国产一区二区| av在线免费电影| 先锋成人av| av中文字幕一区二区| 国产一区二区美女| 欧美日韩亚洲视频| xxxxx成人.com| eeuss影院第1页在线| 欧美寡妇性猛交xxx免费| 国产精品免费99久久久| 国产69精品久久久久毛片| 一本大道久久a久久综合婷婷| 久久精品国产亚洲一区二区| www.青青青| 9999热视频在线观看| 欧美伦理影院| 99久久精品国产导航| 欧美色欧美亚洲另类二区| 国产69精品久久久久9| 久久国产情侣| 成人国产一区| 国产视频一区免费看| 一区二区三区欧美视频| 在线精品91av| 天天av导航| 久久r热视频| 亚洲毛片视频| 一级特黄大欧美久久久| 丝袜美腿亚洲一区二区| 99re在线视频播放| 婷婷六月国产精品久久不卡| 亚洲国产免费| 亚洲精品精品亚洲| 日韩在线视频线视频免费网站| eeuss影院www在线观看手机| 樱花草涩涩www在线播放| 影音先锋日韩资源| 亚洲精品写真福利| 播播国产欧美激情| 久久.com| 年轻的保姆91精品| 九色综合狠狠综合久久| 欧亚洲嫩模精品一区三区| 5252色成人免费视频| 精品一二三区视频| 亚洲区小说区| 久久综合久久鬼色| 亚洲国产欧美一区| jizzjizzjizzjizz日本| 裤袜国产欧美精品一区| 久久亚洲风情| 色噜噜狠狠一区二区三区果冻| 26uuu日韩精品一区二区| 高清av在线| 久久国产综合| 中文字幕亚洲视频| 久久久国产一区| 最新中文字幕在线视频| 国产精品超碰| 91免费在线播放| 亚洲免费一级电影| 午夜爽爽爽男女免费观看影院| 国产精品高潮久久| 久久精品久久精品| 欧美浪妇xxxx高跟鞋交| 国产精选在线观看| mm视频在线视频| av成人激情| 欧美色欧美亚洲高清在线视频| 2018中文字幕一区二区三区| 97超碰人人在线| 久久精品免费一区二区三区| 亚洲色图欧洲色图婷婷| 欧美激情一级二级| 国产人成在线观看| 日韩免费看片| 亚洲美女一区二区三区| 欧美日韩国产成人| 国产中文字幕在线播放| 欧美日韩第一| 亚洲三级在线看| 欧美激情中文字幕乱码免费| 国产精品秘入口| 国产精品99一区二区三| 亚洲已满18点击进入久久| 97在线视频一区| 激情成人四房播| 欧美日韩视频| 一本色道久久综合亚洲aⅴ蜜桃 | 国模吧一区二区三区| 懂色av中文在线| 中文无码久久精品| 精品福利在线观看| 欧美18一14sex性处hd| 麻豆视频在线观看免费网站黄| 老司机精品视频网站| 欧美久久婷婷综合色| 黄色大片a级| 精品国产第一国产综合精品| 99国产精品一区| 日韩在线观看成人| av在线三区| 一区视频在线| 欧美特级限制片免费在线观看| 日皮视频在线免费观看| 成人在线精品| 国产亚洲欧美一区在线观看| 欧美精品日韩三级| 成年人黄视频在线观看| 亚洲自拍另类| 日韩欧美在线不卡| 美女免费免费看网站| 精品视频久久| 午夜影院久久久| 国产麻豆剧果冻传媒观看hd高清| 久久99久久99精品免观看软件| 国产福利91精品一区| 亚洲视频在线观看免费| 每日更新av在线播放| 欧美久久九九| 欧美老年两性高潮| 国产国产国产国产国产国产| 欧美日韩国产高清电影| 午夜精品一区二区三区免费视频| 麻豆精品不卡国产免费看| 国产极品久久久久久久久波多结野| 国产成人精品免费一区二区| 最近2019年中文视频免费在线观看| 国产一级在线| 免费亚洲网站| 日韩成人av一区| 免费人成在线观看网站| 99视频精品免费观看| 欧美一区二区精品在线| 亚洲欧美中文字幕在线观看| 四季av在线一区二区三区| 色综合视频一区二区三区高清| 免费福利电影| 综合国产视频| 黑人巨大精品欧美一区二区三区| 免费在线观看的黄色网址| 鲁大师精品99久久久| 亚洲综合男人的天堂| 国产精品视频流白浆免费视频| 精品国产伦一区二区三区观看说明| 国产欧美日本一区视频| 久热免费在线视频| 久久天天久久| 国产精品灌醉下药二区| 欧美乱妇18p| 亚洲精品一区二区三区在线| 亚洲日本va午夜在线影院| 欧美大交乱xxxxxbbb| 蜜桃精品一区二区三区| 亚洲免费视频成人| 国产精品久久久久久久泡妞| 国产精品22p| 午夜伦理一区二区| jjzzjjzzjjzz| 日韩电影免费网址| 在线91免费看| 中文官网资源新版中文第二页在线观看| 伊人久久久大香线蕉综合直播| 精品国产123| 成年人在线视频免费观看| 青青草国产成人99久久| 日韩在线欧美在线国产在线| 91黄页在线观看| 91在线国产观看| 亚洲精品乱码电影在线观看| 欧美成人一级| 精品久久中文字幕久久av| 九七影院理论片| 欧美日本二区| 日韩大片在线观看视频| 日本欧美在线视频免费观看| 国产精一品亚洲二区在线视频| 久久99热精品这里久久精品| 精品三区视频| 亚洲免费伊人电影| 菠萝蜜视频网站入口| 亚洲国产精品久久久久蝴蝶传媒| 欧美刺激午夜性久久久久久久| 国产一区二区三区福利| 国产自产v一区二区三区c| 久久久久久com| 成人久久精品| 精品久久久久久久大神国产| 国产主播福利| 一区二区三区高清视频在线观看| 国产亚洲精品久久久久久牛牛| 久草在线新免费首页资源站| av不卡免费电影| 欧美一级黄色带| 久久最新网址| 日韩欧美自拍偷拍| 思思99re6国产在线播放| 成人永久aaa| 性欧美高清视频| 五月天亚洲一区| 在线综合视频播放| 精品无人乱码| 国产不卡在线播放| 亚洲欧美天堂| 久久av免费| 日韩免费性生活视频播放| 麻豆传媒在线观看| 91在线码无精品| 尤物视频..com| 欧美在线日韩| 在线观看国产精品日韩av| 欧美成人性网| 亚洲国产成人精品视频| 午夜3点看的视频| 免播放器亚洲一区| 2019亚洲男人天堂| 蜜臀av一区| 欧美成人综合网站| 日韩另类在线| 亚洲色图丝袜美腿| 独立日3在线观看完整版| 久久久久免费| 91精品国产九九九久久久亚洲| 国产图片一区| 91精品国产一区二区| 午夜在线激情影院| 日韩美女精品在线| 美女免费免费看网站| 久久国产福利国产秒拍| 中文字幕人成高清视频| 国产精品手机在线播放 | 国产一区福利在线| 亚洲精品7777xxxx青睐| 成人直播大秀| 日韩电影免费观看在线观看| www.com.cn成人| 亚洲成人精品影院| 涩涩视频在线观看免费| 成人教育av在线| 碰草在线视频| 一区二区三区四区五区在线| 欧美精品videos性欧美| 亚洲深夜福利在线观看| 亚洲精品国产品国语在线| 亚洲黄色免费看| 舔着乳尖日韩一区| 国产网站在线播放| 国产亚洲成av人在线观看导航 | 蜜桃视频网站www| 国产在线国偷精品产拍免费yy| 玖玖精品国产| 欧美.www| 久久99精品视频一区97| 丝袜美腿综合| 亚洲美女黄色片| 日本久久二区| 91精品国产免费| av中文资源在线资源免费观看| 亚洲国产日韩综合久久精品| 免费在线观看一级毛片|