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Article
Publication date: 5 March 2018

Urbi Garay

The purpose of this paper is to present the progress and trends of the literature on art as an investment and to outline potential research lines to be developed.

Abstract

Objective

The purpose of this paper is to present the progress and trends of the literature on art as an investment and to outline potential research lines to be developed.

Design/methodology/approach

This work gathers, analyses and critically discusses the attributes of investments in art in general, and in Latin American art in particular.

Findings

Most studies report that art (art in general, and Latin American in particular) has offered relatively low but positive real returns, which have tended to be below those offered by stocks and similar to those realized by bonds. Art has a low correlation with other investments.

Research limitations and implications

The literature on the attributes of Latin American art as an investment is limited and new research would help to close the knowledge gap with respect to this segment of the art market as it continues to grow.

Practical implications

Similarly to the research carried out into other segments of the art market, studies on Latin American art suggest that the works of art are worth more, ceteris paribus: the more renowned the artist, the larger the work, whether they were executed in oil, and if they were auctioned at Sotheby’s or Christie’s. The paper also details a series of practical implications for those who participate in the art market.

Originality/value

To the best of the authors’ knowledge, this is the first exhaustive review of the literature on the attributes of Latin American art as an investment. The findings of this study are useful for academics, art collectors, auction houses, gallerists and others who take part in the arts market.

Propósito

Presentar los avances y las tendencias de la literatura sobre el arte como inversión, y delinear líneas de investigación a ser desarrolladas.

Diseño/metodología/enfoque

Este trabajo reúne, analiza y discute críticamente los atributos de inversión del arte, en general, y latinoamericano, en particular.

Hallazgos

La mayoría de los estudios reportan que el arte (tanto el arte, en general, como el arte latinoamericano, en particular) ha ofrecido rendimientos reales positivos, aunque relativamente bajos, los cuales tienden a ser inferiores de los de las acciones y a ser similares a los de los bonos. El arte tiene una baja correlación con otras inversiones.

Limitaciones e implicaciones de la investigación

La literatura sobre los atributos del arte latinoamericano como inversión es limitada. Es de esperar que nuevas investigaciones permitan ir cerrando la brecha del conocimiento con respecto a esta parte del mercado del arte a la par que éste continúe creciendo.

Implicaciones prácticas

Los estudios de arte latinoamericano sugieren, similar a las investigaciones sobre otros segmentos del mercado del arte, que las obras de arte valen más, ceteris paribus: cuando el artista es más reputado, a medida que el área de las obras es mayor, si han sido ejecutadas en óleo, y cuando son subastadas en las casas de subastas Sotheby’s o Christie’s. En el trabajo se detallan, además, una serie de implicaciones prácticas para los participantes del mercado de arte.

Originalidad/valor

Hasta donde se ha podido comprobar, esta es la primera revisión exhaustiva acerca de los atributos del arte latinoamericano como inversión. Los resultados de esta investigación son de utilidad para: académicos, coleccionistas de arte, casas de subastas, galeristas, y demás participantes en el mercado del arte.

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Article
Publication date: 7 August 2017

Urbi Garay, Gwendoline Vielma and Edward Villalobos

The purpose of this paper is to present the formulation of the first exhaustive price index for Argentinian (and other Latin American countries) visual artists using 5,069…

Abstract

Purpose

The purpose of this paper is to present the formulation of the first exhaustive price index for Argentinian (and other Latin American countries) visual artists using 5,069 works sold in auctions by 71 Argentinian artists during the years 1980-2014.

Design/methodology/approach

The authors estimated a regression of hedonic prices using the ordinary least squares method. When the regression was run and the results were analysed, the authors then estimated the annual price index of Argentinian artists’ work to then compare them with different financial and economic variables.

Findings

The average annual nominal arithmetic rate of return in dollars for Argentinian art during this period was 6.81 per cent, with a 29.11 per cent standard deviation. Argentinian art shows a low correlation with Argentinian and US companies’ shares and a slightly negative correlation with US bonds. This is the reason for artworks to be included in investors’ portfolios despite the relatively high volatility.

Research limitations/implications

Valuating works of art in Argentina can be explained by a series of their attributes. The benefits of art as an investment should be contrasted with factors including illiquidity and high transaction costs that are inherent when investing in works of art.

Practical implications

Argentinian artists’ works have higher prices when, ceteris paribus, they are dated; they are auctioned in either Christie’s, Sotheby’s, Galería Arroyo, Roldan & Cia, Meeting Art, or Naon & Cia; they are oil or acrylic paintings; they are larger in size – although the price increase is decreasing when the size of the painting increases; and when the artist dies before their work is auctioned.

Originality/value

This work presents the first rigorous price index of Argentinian artists’ works. Additionally, and as far as the authors have been able to observe, the time-period in this article is the longest that has been used in studies on art as an investment in emerging markets.

Propósito

Este trabajo presenta la elaboración del primer índice exhaustivo de precios de artistas plásticos de Argentina (y de cualquier otro país de Latino América) a partir de 5.069 ventas de obras de 71 artistas argentinos realizadas en subastas durante el período 1980-2014.

Diseño/metodología/enfoque

Se estimó una regresión de precios hedónica por el Método de Mínimos Cuadrados Ordinarios. Una vez corrida la regresión y analizados sus resultados, se procedió a estimar el índice anual de precios de obras de artistas argentinos, para posteriormente relacionarlos con diversas variables financieras y económicas.

Hallazgos

El rendimiento promedio aritmético nominal anual en dólares del arte argentino durante ese período fue de 6,81% con una desviación estándar de 29,11%. El arte argentino exhibe una baja correlación con las acciones de empresas argentinas y de EEUU y ligeramente negativa con bonos de EEUU, lo cual le confiere atributos para ser incluido en las carteras de los inversionistas, a pesar de la elevada volatilidad.

Limitaciones e implicaciones de la investigación

Se consigue que la valoración de arte en Argentina puede ser explicada por una serie de atributos de las obras de arte. Los beneficios del arte como inversión deben ser evaluados con la iliquidez y los elevados costos de transacción, entre otros costos, inherentes a la inversión en obras de arte.

Implicaciones prácticas

Las obras de artistas argentinos tienen precios más altos cuando, ceteris paribus: están fechadas, se subastan en Christie's, en Sotheby's o en Galería Arroyo, son ejecutadas en óleo o en acrílico, tienen un mayor área, aunque el aumento de precio es decreciente al aumentar el área, y cuando el artista ya había fallecido al momento de celebrase la subasta.

Originalidad/valor

Este trabajo propone el primer índice riguroso de precios de obras de artistas de Argentina. Además, y hasta donde hemos podido comprobar, el período utilizado en este trabajo es el más largo que se haya empleado en estudios del arte como inversión en mercados emergentes.

Details

Academia Revista Latinoamericana de Administración, vol. 30 no. 3
Type: Research Article
ISSN: 1012-8255

Keywords

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Article
Publication date: 5 March 2018

Enrique Ogliastri, Carlos Pombo and Elvira Salgado

The purpose of this paper is to introduce the anniversary issue marking 30 years of academic publication.

Abstract

Purpose

The purpose of this paper is to introduce the anniversary issue marking 30 years of academic publication.

Design/methodology/approach

This anniversary issue contains 12 articles from 11 countries and 17 academic institutions which present literature reviews, meta-analyses, and novel studies. It also contains testimonials about the history of the journal from Enrique Ogliastri (Editor and/or Director between 1998 and 2018), Elvira Salgado (Editor between 2002 and 2013), and Carlos Pombo (Chief Editor, 2013 to the present).

Findings

The history of the journal may be divided into five stages: first, the foundation at the Universidad de Chile (1988-1998); second, the move to the Universidad de los Andes (Bogotá) and the preparation of a proposal to the Institute of Scientific Information (ISI) for inclusion among the scientific journals of the world (1999-2004); third, a period of consolidation in Latin America (2004-2007); fourth, the acceptance of the journal in ISI and the development of an electronic platform with free access to the journal (2008-2013); and fifth, the entry of the Emerald group as editorial partner (2013-2018).

Originality/value

The 12 articles present literature reviews, meta-analyzes, and novel studies.

Propósito

El propósito de este editorial es presentar el tema del aniversario.

Diseño/metodología/enfoque

Se publican doce artículos provenientes de once países y 17 instituciones académicas. Se presentan los testimonios de Enrique Ogliastri (editor y/o director entre 1998 y 2018), Elvira Salgado (Editora entre 2002 y 2013), y Carlos Pombo (jefe editorial 2013-2018).

Hallazgos

Se publican doce artículos provenientes de once países y 17 instituciones académicas. Se presentan los testimonios de Enrique Ogliastri (editor y/o director entre 1998 y 2018), Elvira Salgado (Editora entre 2002 y 2013), y Carlos Pombo (jefe editorial 2013-2018). La historia de la revista de CLADEA se podría dividir en cinco etapas: la fundación en la Universidad de Chile (1988-1998); pasó a cargo de la Universidad de los Andes (Bogotá), un período de puesta a punto para presentar al Institute of Scientific Information (ISI) la solicitud de ser analizada e incluida entre las revistas científicas del mundo (1999-2004); el período de consolidación en América Latina (2004-2007); la aceptación en ISI y el desarrollo de una plataforma electrónica de acceso libre a la revista (2008-2013); y el ingreso del grupo Emerald como socio editorial (2013-2018).

Originalidad/valor

Los 12 artículos presentan revisiones de literatura, metanálisis y estudios novedosos

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Article
Publication date: 3 August 2015

Enrique Ogliastri and Elvira Salgado

This issue is dedicated to the memory of Luis J. Sanz and this editorial is made up of three parts: an account of his work with the journal, words from the editor…

Abstract

This issue is dedicated to the memory of Luis J. Sanz and this editorial is made up of three parts: an account of his work with the journal, words from the editor (2001-2013), and a brief CV which he had written shortly before his passing.

Resumen

Este número se dedica a la memoria de Luis J. Sanz y este editorial consta de tres partes. Un recuento de su trabajo con la revista, el recuerdo de la editora 2001-2013, y un breve CV que él mismo escribió poco antes de su muerte.

Details

Academia Revista Latinoamericana de Administración, vol. 28 no. 3
Type: Research Article
ISSN: 1012-8255

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Article
Publication date: 1 April 1967

W. Hunziker

Die Frage «Wie weit kann die öffentliche Hand den Fremdenverkehr fördern?» unterstellt bereits die vollzogene Tatsache der staatlichen Förderung des Fremdenverkehrs. Sie…

Abstract

Die Frage «Wie weit kann die öffentliche Hand den Fremdenverkehr fördern?» unterstellt bereits die vollzogene Tatsache der staatlichen Förderung des Fremdenverkehrs. Sie scheint diese hinzunehmen, ja sogar davon auszugehen, dass der Staat den Fremdenverkehr fördern soll, vielleicht sogar muss, wobei es dann, nur noch einen Schritt bis zur Untersuchung und zum Entscheid darüber bedeuten würde, wie weit er iiberhaupt zu gehen imstande ist, um das apodiktisch feststehende Gebot der staatlichen Unterstüzung maximal zu erfüllen.

Details

The Tourist Review, vol. 22 no. 4
Type: Research Article
ISSN: 0251-3102

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Book part
Publication date: 9 June 2020

Guilherme L. J. Falleiros

This chapter deals with different perspectives and structural transformations between capitalist society and indigenous ways of life. I approach the A’uwẽ-Xavante myth of…

Abstract

This chapter deals with different perspectives and structural transformations between capitalist society and indigenous ways of life. I approach the A’uwẽ-Xavante myth of the theft of the jaguar’s fire, one of many versions of the story of the bird-nester, which Lévi-Strauss interprets as the acquisition of culture through cooking technique. I compare it with Proudhon’s study on property as the theft of collective force which he treats as the groundwork of the manufacturing process in capitalist society. This highlights the difference between Proudhon’s ideal mutualism, based on free access to means of production and polytechnic education, and the A’uwẽ-Xavante’s acquisition of power and its technical reproduction. Proudhon’s mutualism envisages auto-organization of collective force in cooperative work favoring its collective appropriation by the workers; while in the A’uwẽ-Xavante way of life, there is an off-centered collective force from which technical acquisition is redistributed. In common with Proudhon’s ideal labor mutualism, A’uwẽ-Xavante’s ways welcome outsiders to their means of production of people; but unlike Proudhon’s, this welcome is not for free: they have to prove their generosity and personal commitment to the game.

Details

Anthropological Enquiries into Policy, Debt, Business, and Capitalism
Type: Book
ISBN: 978-1-83909-659-4

Keywords

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Article
Publication date: 1 February 2004

Mónica Vasconi

Nuestra Señora de Lujan is situated in Lujan, Province of Buenos Aires. It is visited by about 5.000.000 pilgrims or religious campers (Catholics / Marianists) each year…

Abstract

Nuestra Señora de Lujan is situated in Lujan, Province of Buenos Aires. It is visited by about 5.000.000 pilgrims or religious campers (Catholics / Marianists) each year. These particular visitors cause geographical impacts or alterations on different aspects during an important period of the year (September — December). They affect the natural phenomena (by the Lujan River), the historical and cultural heritage, the urban and transportation development, and the religious, economic and social processes. To sum up, we could say that the “senses” of the City are affected.

Details

Tourism Review, vol. 59 no. 2
Type: Research Article
ISSN: 1660-5373

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Article
Publication date: 16 August 2019

Santiago Ibarreche

This paper aims to share the essence of an interview with Rodrigo Varela Villegas, conducted by Santiago Ibarreche. It highlights his passion for academia, his commitment…

Abstract

Purpose

This paper aims to share the essence of an interview with Rodrigo Varela Villegas, conducted by Santiago Ibarreche. It highlights his passion for academia, his commitment to developing responsible entrepreneurs and commitment to forging and disseminating the entrepreneurial spirit in Colombia, Iberoamerica and the world.

Design/methodology/approach

This paper is an interview.

Findings

The interview explores Rodrigo’s career, his achievements and continued search for excellence in terms of teaching, research and service in academia. Of relevance are his contributions to the discipline of entrepreneurship through the development and divulging of the concept of entrepreneurial spirit.

Originality/value

The interview in this special section, A Life in Research, brings out an individual scholar’s experience and history, not only as recognition of scholarly impact but also as recognition of the person.

Objetivo

Este artículo comparte la esencia de una entrevista con Rodrigo Varela Villegas, dirigida por Santiago Ibarreche. Destaca su pasión por el mundo académico, su compromiso con el desarrollo de empresarios responsables y su compromiso con la creación y difusión del espíritu empresarial en Colombia, Iberoamérica y el mundo.

Diseño/metodología/enfoque

Este documento es una entrevista.

Resultados

La entrevista explora la carrera de Rodrigo; Sus logros y la búsqueda continua de la excelencia en términos de enseñanza, investigación y servicio en el mundo académico. De relevancia son sus contribuciones a la disciplina del espíritu empresarial a través del desarrollo y divulgación del concepto de espíritu emprendedor.

Originalidad/valor

la entrevista en esta sección especial, Una vida en investigación, revela la experiencia y la historia de un académico individual, no solo como reconocimiento del impacto académico, sino también como reconocimiento de la persona.

Palabras clave

Educación, Emprendimiento, Colombia, América Latina, Valores familiares

Tipo de artículo

Ponto de vista

Objetivo

Este artigo compartilha a essência de uma entrevista com Rodrigo Varela Villegas, conduzida por Santiago Ibarreche. Ele destaca sua paixão pela academia, seu compromisso com o desenvolvimento de empreendedores responsáveis e o compromisso de forjar e disseminar o espírito empreendedor na Colômbia, na Iberoamérica e no mundo.

Design/metodologia/abordagem

Este artigo é uma entrevista.

Resultados

A entrevista explora a carreira de Rodrigo; suas realizações e busca contínua de excelência em termos de ensino, pesquisa e serviço na academia. De relevância são as suas contribuições para a disciplina de empreendedorismo através do desenvolvimento e divulgação do conceito de espírito empreendedor.

Originalidade/valor

A entrevista nesta seção especial, Uma Vida em Pesquisa, traz à tona a experiência e a história de um acadêmico individual, não apenas como reconhecimento do impacto acadêmico, mas também como reconhecimento da pessoa.

Palavras-chave

Educação, Empreendedorismo, Colômbia, América Latina, Valores pamiliares

Tipo de artigo

Punto de vista

Details

Management Research: Journal of the Iberoamerican Academy of Management, vol. 17 no. 3
Type: Research Article
ISSN: 1536-5433

Keywords

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Article
Publication date: 15 September 2014

Gazi Islam

The purpose of this paper is to examine the monstrous in organizational diversity by introducing the concept of cultural anthropophagy to the diversity literature. Using…

Abstract

Purpose

The purpose of this paper is to examine the monstrous in organizational diversity by introducing the concept of cultural anthropophagy to the diversity literature. Using Kristeva's notion of abjection to better understand cultural anthropophagy, the paper argues that cultural anthropophages cross boundaries, and build identity through desire for and aggression toward valued others.

Design/methodology/approach

The paper uses a conceptual discussion of abjection, along with a historical survey of anthropophagic approaches from Brazilian art and cultural studies.

Findings

Anthropophagic approaches highlight unique features of organizational identity, framing identity formation as a fluid process of expulsion and re-integration of the other. While abjection approaches focus on the exclusion of material aspects of the self and the formation of self-other boundaries, anthropophagy focusses on the re-integration of the other into the self, in a symbolic gesture of re-integration, desire, and reverence for the other.

Originality/value

The idea of anthropophagy is a recent entrant into the organizational literature, and the close relation between anthropophagy and abjection is illuminated in the current paper. Original insights regarding the search for positive identity, the ambivalence of self and other, and the relation of the particular and the universal, are offered with regards to the diversity literature.

Details

Equality, Diversity and Inclusion: An International Journal, vol. 33 no. 7
Type: Research Article
ISSN: 2040-7149

Keywords

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Article
Publication date: 27 November 2020

Andreia Carvalho, Sergio Jesus Teixeira, Leonilde Olim, Sancha de Campanella and Teresa Costa

The aim of this study is to obtain a broader knowledge of innovative pedagogical practices in higher education, by analysing the particular case of the Higher Institute of…

Abstract

Purpose

The aim of this study is to obtain a broader knowledge of innovative pedagogical practices in higher education, by analysing the particular case of the Higher Institute of Administration and Languages (ISAL). The literature review reveals a gap in this scientific field, and filling this gap is as imperative as the need to articulate higher education with the Students' Profile by the End of Compulsory Schooling.

Design/methodology/approach

This research adopts a qualitative methodological approach, in order to analyse the students and teachers' perceptions of the active learning methodologies implemented at ISAL. Data were collected from a closed-ended questionnaire, aimed at a population composed of students and teachers.

Findings

The literature review reveals a gap in this scientific field, particularly in Portugal. Filling this gap is as imperative as the need to articulate higher education with the Students' Profile by the End of Compulsory Schooling.

Practical implications

With the adoption of this methodological approach, this research intends to verify not only whether the innovative pedagogical practices addressed in the literature review are implemented in this institution, but also to identify obstacles to their implementation. With regard to the results, several pedagogical innovation practices are already implemented, even though some limitations to their implementation are identified.

Originality/value

This research allows identifying indicators that are essential to outline an intervention plan in the pedagogical practices implemented at ISAL or other higher education institutions and contributes to assessing the current state of pedagogical practices in higher education.

Details

Education + Training, vol. 63 no. 2
Type: Research Article
ISSN: 0040-0912

Keywords

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