By Noah Horowitz
Paintings at the present time is outlined via its courting to cash as by no means earlier than. costs were pushed to extraordinary heights, traditional barriers in the paintings international have collapsed, and artists imagine ever extra strategically approximately how one can increase their careers. artwork isn't any longer easily made, yet packaged, offered, and branded. In Art of the Deal, Noah Horowitz exposes the interior workings of the modern artwork marketplace, explaining how this specified economic climate got here to be, the way it works, and the place it's headed.
In a brand new postscript, Horowitz displays at the evolution of the alternate because the book's unique unencumber in 2011, shining mild at the market's endured ascent in addition to its so much pressing demanding situations.
Read Online or Download Art of the Deal: Contemporary Art in a Global Financial Market PDF
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Extra resources for Art of the Deal: Contemporary Art in a Global Financial Market
These do not always go together: sometimes bad decisions do not lead to bad outcomes. For example, a drunk driver may drive home without an accident but still regret and blame himself for his irresponsibility. In investment, the parallel is with instances when undue risk-taking happens to be rewarded. The fact that an investor got away with it does not mean that the risks were reasonable, nor that it was a good decision. Sometimes a bad outcome results from a good decision, for example if the drunk takes a taxi home but by chance the taxi is involved in an accident.
But as a ﬁrst approximation, the break-even rate is the best “rule of thumb” there is for a market forecast of inﬂation. If a long-term investor has strong views that the break-even rate is likely to prove either overoptimistic or overpessimistic, these views should reasonably inﬂuence how the investor moves away from the safety of inﬂationlinked bonds in implementing strategy. Investors whose risk-free investment is an inﬂation-linked government bond should have a strategic position in conventional government bonds if they expect conventional bonds to provide an adequate reward for expected inﬂation and a risk premium above it.
Instead, our understanding of the uncertain relationships between markets has always involved a trade-off between broadly appropriate alternative investment strategies which appear to lie within the range of what is best described as the “fuzzy frontier”. This means that in any particular situation there will always be strategies that are demonstrably inefficient or that involve a clearly inappropriate risk profile. But there will also be a range of strategies that are each broadly appropriate, given our current state of knowledge of markets and the risk tolerance of investors.