Is Art a good investment? Not necessarily, according to Roman Kräussl, Professor of Finance at the Luxembourg School of Finance speaking during an EIB Institute conference on the Economics of Art organised with the European Investment Fund, Bocconi Alumni Association and the University of Luxembourg. According to Professor Kräussl, whose research focuses on alternative investment and behavioral finance, “investing in art is not a safe haven” as the market is “illiquid, opaque and lightly regulated”. Comparing the returns of art collecting to other investments over the long run, he concluded his presentation saying that “art is an emotional asset and art collecting offers values that other investments can’t offer such as aesthetic value, passion for collecting, status, prestige or doing good”.

For Professor Andrea Rurale, Director of the Master in Art Management and Administration at SDA Bocconi School of Management “the dualism between marketing orientation and artistic orientation is still the greatest problem in art management”. “A good balance is necessary between the two” he said, describing the situation of Italy in his presentation.

Rémi Charrier (EIF) presented the Cultural and Creative Sectors Guarantee Facility, a new financial instrument managed by the European Investment Fund on behalf of the European Commission and aimed to improving access to debt financing for EU SMEs active in the cultural and creative sectors. Click here for the presentation.