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In contrast to the anecdotal evidence on returns, economic studies of painting investment have not supported claims of financial success.
Agnello, R.
While returns to art investment have exceeded inflation for long periods, and returns in the second half of the 20th century have rivalled the stock market, they are no higher than would be justified by the extraordinary risks they represent
Goetzmann, W.N.
Art as an investment: short and long-term comovements in major painting markets”
