The ups and downs of investing in art

　　艺术品投资的起起落落

　　Back in 1950, Betsey Whitney, an art collector, spent $30,000 to buy a painting by Pablo Picasso – a huge amount of money to spend on the work of a living artist. Last month, Boy With A Pipe sold at auction for $104 million – a return on investment of over 34,000%.

　　So, if you’re planning for retirement, does that mean you should buy a few paintings instead of stocks or real estate? Not necessarily, says Giuseppe Eskenazi, one of London’s leading oriental art dealers: “What we sell is something that needs to be looked at over time and discussed.”

　　Investing in art requires a great deal of specific knowledge that is acquired from years of study. Appreciating and putting a value on art works are attainable skills, but this kind of expertise is usually beyond the reach of most fund managers or investment bankers.

　　The art market is notoriously volatile: In 1990, a Tokyo billionaire paid over $80 million for a Van Gogh’s Portrait of Doctor Gachet. When the Japanese economy hit the skids, the owner was forced to sell in a slump, and ended up recouping less than an eighth of the purchase price.

　　Thanks to the Internet, these days it’s easy to compare prices for everything from digital cameras to cars. But that kind of price transparency is missing in the art market, which is controlled by two British auction houses: Christie’s and Sotheby’s. Neither company discloses detailed financial information due to the exclusive nature of their relationships with clients and their desire for discretion.

　　So, if you want to play the art market, make sure you’ve got money and nerve. Otherwise, stick to stocks and bonds.

　　1950年，艺术收藏家贝特西·惠特妮花3万美金买下帕勃罗·毕加索的一幅画，对于仍然健在的艺术家的作品，这算是相当可观的一笔花费了。上个月，《拿烟斗的少年》在拍卖会上以1.04亿美金售出，投资收益超过百分之34,000%。

　　所以，如果你正在为退休做打算，是不是意味着你应该买几幅画，而非股票或房地产呢？“这可不一定。”身为伦敦东方艺术首席经纪人之一的居赛普·艾斯坎那吉这样说，“我们所卖的是需要经过一段时间去审视、去讨论的东西。”

　　投资艺术品需要很多专业知识，这要经过多年学习才能习得。鉴赏艺术品并为它们估价，是可以习得的技巧，但多数基金经理人和投资银行家的不具备这样的专业技术。

　　艺术市场的反复无常是有名的：1990年，东京的一位亿万富翁花了超过8000万美元买下梵高的《嘉歇医生的画像》。当日本经济衰退时，画作持有人被迫以低价出售，结果收回的不及购买价的1/8。

　　多亏了互联网，从数字相机到汽车等每一样东西，现在要比较价格都很容易。但像这样的透明的价格并未出现在艺术市场上，这个市场由两家英国拍卖公司控制：佳士得与苏富比。由于他们和客户关系的独特性质与谨慎行事风格，两家公司都不会透漏详细的财务信息。

　　所以，如果你想试试艺术市场，要确认你有金钱有胆量。否则守着股票和债券就好了。