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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.

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

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.

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.

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.

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.

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

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Relatively little is known about the determinants of the prices of paintings. The purpose of this paper is to analyse the price determinants of the art of Joan Miró, one of the great masters of Modern Art.

The authors analysed 255 artworks by Miró sold at Sotheby’s and Christie’s between 2003 and 2017, and performed a hedonic price regression to measure the impact of a series of variables on the prices of this artist’s works.

Miró’s works command higher prices, ceteris paribus, when they were painted on canvas, were sold at Sotheby’s and in New York City or London, were traded during the evening session and depending on the period in which they had been painted, the size of their surface area, the number of words used to describe the respective lot and whether they had appeared in an art book. The prices of Miró’s paintings increased substantially between 2003 and 2008 and then declined, coinciding with the global financial crisis of 2009.

The results were obtained from prices established in art auctions, which represent only one portion of the market.

This is the first exhaustive study carried out on the determinants of the prices of Joan Miró’s works. The artist represents an ideal case due to the large number of his works that have been sold at auctions. As yet, only studies of Pablo Picasso and Andy Warhol have been conducted. Joan Miró has well-defined artistic periods, which also allows us to determine the impact on the price of the works of the period in which it was created. This paper also offers a methodological contribution to parties involved in the art sector (artists, galleries, collectors, investors, museums, etc.).

Se conoce relativamente poco acerca de los determinantes de los precios de las obras de arte de artistas específicos. Este estudio analiza los determinantes de los precios de las pinturas de Joan Miró, uno de los grandes maestros del arte moderno.

Se analizaron 255 pinturas de Miró que fueron vendidas en Sotheby’s y Christie’s entre 2003 y 2017, y se estimó una regresión hedónica de precios con el objetivo de medir el impacto de una serie de variables en los precios de las obras de este artista.

Las obras de Miró obtuvieron precios más altos, ceteris paribus, cuando estaban puintadas sobre lienzo, se vendieron en Sotheby’s y en la ciudad de Nueva York o Londres, se subastaron durante la sesión de la noche, y dependiendo del período en que se pintaron, el tamaño de su área, la cantidad de palabras utilizadas para describir el lote respectivo y si habían aparecido en un libro de arte. Los precios de las pinturas de Miró aumentaron sustancialmente entre 2003 y 2008 y luego disminuyeron, coincidiendo con la crisis financiera mundial de 2009.

Los resultados se obtuvieron a partir de los precios establecidos en las subastas de arte, los cuales representan solo una porción del mercado.

Este es el primer estudio exhaustivo realizado sobre los determinantes de los precios de las obras de Joan Miró. El artista representa un caso ideal debido a la gran cantidad de sus obras que se han vendido en subastas. Hasta el momento, solo se han realizado estudios de Pablo Picasso y Andy Warhol. Joan Miró tiene períodos artísticos bien definidos, lo que también permitió determinar el impacto que en el precio de las obras podía tener el período en que éstas se crearon. Este trabajo también ofrece una contribución metodológica a las partes involucradas en el sector del arte (artistas, galerías, coleccionistas, inversores, museos, etc.).

The price of a painting is determined by multiple variables, including color-related variables. Colors are important in an economic analysis. This study aims to analyze the paintings executed by Jean-Michel Basquiat (the famous street artist from the 1980s' New York City) and sold at auction to study the potential effect of color intensity, luminosity and color contrast on the prices of his paintings. The authors also study the case of the op art master, Carlos Cruz-Diez, as a robustness analysis to the main results. The analysis that the authors present may be of interest to academicians and to participants in the art market.

The authors run a hedonic regression model considering 306 paintings (executed by Basquiat alone), and 41 works painted collaboratively between Basquiat and Warhol and sold at auction (2003–2017). The data and the images corresponding to each painting were hand-collected from the websites of several auction houses and complemented with information obtained from the Artprice and Blouin websites.

Increases in color intensity, luminosity and color contrast have a positive effect on art prices. The authors also find that color intensity is even more recognized (as reflected by higher prices) for paintings belonging to Basquiat's most appreciated (understood as most expensive) artistic period (1980–1983) and during the second part of the sample period (2011–2017). The authors find similar results for Cruz-Diez. The authors also estimate that Basquiat's artworks made collaboratively with Andy Warhol are worth 55% less than those made only by Basquiat. An investment in Basquiat's paintings generated an average annual compounded return of 16.81% (2003–2017), clearly overperforming the S&P 500.

The main limitation of the hedonic regression method lies in the need to have a significant and varied sample to identify the true effect of each variable on the price of the good. Another limitation is that we are only able to use art prices from auctions, as this is the only comprehensive source of data that is publicly available. These two limitations are common to all studies that use the hedonic pricing model. This paper has implications not only for the art pricing (and more generally, asset pricing) literature, but also for the fields of psychology and marketing.

This is the first paper that highlights the importance of analyzing the price impact of color intensity throughout the artistic periods of a painter, finding that color intensity is even more appreciated (as reflected by higher prices) for paintings belonging to an artist's most recognized period. In the case of color contrast, the authors present a novel way to estimate this variable.

El precio de una pintura está determinado por múltiples variables, incluidas las relacionadas con el color. Los colores son importantes en el análisis económico. En este trabajo, se analizan las obras realizadas por Jean-Michel Basquiat (el famoso artista callejero latino de la escena artística neoyorquina de los años 80) y vendidas en subasta, para estudiar el efecto potential que la intensidad del color, la luminosidad y el contraste de sus pinturas pueden tener sobre sus precios También estudiamos el caso del maestro de op-art, Carlos Cruz-Diez, como análisis de robustez a nuestros principales resultados. El análisis que presentamos puede ser de interés tanto para académicos como para participantes del mercado del arte.

Realizamos un modelo de regresión hedónica considerando 306 obras (pintadas solo por Basquiat), y 41 obras realizadas de manera colaborativa entre Basquiat y Warhol y vendidas en subasta (2003–2017). Los datos y las imágenes correspondientes a cada obra fueron recolectados a mano de los sitios web de varias casas de subastas y complementados con información de los sitios web de Artprice y Blouin.

Incrementos en la intensidad, luminosidad y contraste del color (variable para la que proponemos una nueva medida), inciden positivamente en los precios del arte. También encontramos que la intensidad del color es aún más reconocida (como se refleja en los precios más altos en las subastas) para pinturas pertenecientes al período artístico más apreciado de Basquiat (1980–1983), entendido como el más caro, y durante la segunda parte del período muestral (2011–2017). Además, hallamos resultados similares para Cruz-Diez. De igual forma, estimamos que las obras de arte de Basquiat realizadas en colaboración con Andy Warhol valen un 55% menos que las realizadas solo por Basquiat. Una inversión en las pinturas de Basquiat generó un rendimiento compuesto anual promedio del 16,81% (2003–2017), claramente superando el rendimiento total del índice S&P 500.

La principal limitación del método de regresión hedónica radica en la necesidad de contar con una muestra significativa y variada para identificar el verdadero efecto de cada variable sobre el precio del bien en estudio. Otra limitación consiste en que solo es posible utilizar los precios de las obras de arte que son vendidas en subastas, ya que esta es la única fuente completa de datos que está disponible públicamente. Estas dos limitaciones son comunes a todos los estudios que utilizan el modelo de precios hedónicos. El artículo tiene implicaciones no solo para la literatura sobre precios de arte (y, más en general, sobre los precios de los activos), sino también para la literatura sobre psicología y mercadeo, en donde el estudio del impacto de los colores en las emociones y en el atractivo de un producto son de suma importancia.

Este es el primer estudio que destaca la importancia de analizar el impacto en precios de la intensidad del color a lo largo de los períodos artísticos de un pintor, debido a que se determinó que la intensidad de color es aún más apreciada (como se refleja en los precios más altos en las subastas), para las pinturas pertenecientes al período artístico más reconocido de un artista. En el caso del contraste de color, se propuso y utilizó una forma novedosa de estimar esta variable.

The purpose of this study is to present a review of published academic work on art and tourism. A distinction between papers researching tourism and mentioning art just as one of tourism activities and papers covering “art tourism” specifically is proposed.

The review is grounded on a content analysis of studies containing the words “art” and “tourism” published in the Scopus database. Moreover, to analyze papers specifically consisting of the term “art tourism” a theory‐context‐characteristics‐methods structure was used – the authors call these papers art–tourism-specific papers.

While the number of “art and tourism” papers has been increasing in the past 40 years, little is known about “art tourism” as an independent form of tourism. This study finds limited work on art tourists’ characteristics, preferences and behaviors as costumers. No art-based research and little research with visual representations was found. Artists are very rarely participants of art tourism research.

Most research is conceptual, and little applied research can be identified. Importantly, besides synthesizing and critically assessing the current corpus of knowledge on art tourism, this review presents a final roadmap with directions for future research. One of the limitations of this review is that only studies included in the Scopus database and published in English were considered.

To the best of the authors’ knowledge, this study provides the first comprehensive systematic review of published academic research on art and tourism in the past 40 years. The results of this study offer directions to future art tourism researchers.

本文的目的是回顾已发表的有关艺术和旅游的学术著作。 提出了在研究旅游的论文中将仅将艺术作为旅游活动之一提及的论文与专门涵盖“艺术旅游”的论文进行区分。

该回顾是基于对 Scopus 数据库中发表的包含“艺术”和“旅游”一词的文章的内容分析。此外, 为了分析专门由术语“艺术旅游”组成的论文, 我们使用了理论-背景-特征-方法的结构——我们将这些论文称为艺术旅游特定论文。

虽然过去四十年来“艺术与旅游”论文的数量一直在增加, 但人们对“艺术旅游”作为一种独立的旅游形式知之甚少。 我们发现关于艺术游客的特征、偏好和作为顾客的行为的工作有限。 没有发现基于艺术的研究, 也没有发现很少的视觉表现研究。 艺术家很少是艺术旅游研究的参与者。

大多数研究都是概念性的, 很少有应用研究可以被识别出。重要的是, 除了综合性地批判和评估当前关于艺术旅游的知识库外, 本次回顾还提出了一个最终路线图, 并为未来的研究提供了方向。本回顾的局限性之一是仅考虑了 SCOPUS 数据库中包含的并以英文发表的文章。

本研究首次全面系统地回顾了过去四十年来发表的有关艺术和旅游的学术研究。本研究结果为未来的艺术旅游研究者提供了方向。

El propósito de este artículo es presentar una revisión de los trabajos académicos publicados sobre arte y turismo. Se propone una distinción entre los trabajos que investigan el turismo y mencionan el arte sólo como una de las actividades turísticas Y los trabajos que cubren específicamente el “turismo artístico”.

Esta revisión se basa en un análisis de contenido de los artículos que contienen las palabras “arte” y “turismo” publicados en la base de datos Scopus. Además, para analizar los artículos que contenían específicamente el término “turismo artístico” se utilizó una estructura Teoría-Contexto-Características-Métodos - llamamos a estos artículos específicos de turismo artístico.

Aunque el número de trabajos sobre “arte y turismo” ha aumentado en los últimos cuarenta años, se sabe poco sobre el “turismo artístico” como forma independiente de turismo. Encontramos trabajos limitados sobre las características, preferencias y comportamientos de los turistas de arte como clientes. No se ha encontrado ninguna investigación basada en el arte y poca investigación con representaciones visuales. Los artistas rara vez participan en las investigaciones sobre turismo artístico.

La mayor parte de las investigaciones son conceptuales, y se puede identificar poca investigación aplicada. Es importante destacar que, además de sintetizar y evaluar críticamente el corpus actual de conocimientos sobre el turismo artístico, esta revisión presenta una hoja de ruta final con directrices para futuras investigaciones. Una de las limitaciones de esta revisión es que sólo se han considerado los artículos incluidos en la base de datos SCOPUS y publicados en inglés.

Este estudio proporciona la primera revisión sistemática exhaustiva de la investigación académica publicada sobre arte y turismo en los últimos cuarenta años. Los resultados de este estudio ofrecen orientaciones a los futuros investigadores del turismo artístico.

The purpose of this paper is to understand the role of women in the field of photography after the second wave of feminism in Europe.

The grounded theory on the position of women in contemporary photography has been contrasted with the information collected by the authors in previous research studies on the presence of women photographers in the main museum collections in Europe.

Gender inequality in the various artistic disciplines is a current sociopolitical problem Western countries have been fighting against for several decades. After the resurgence of social movements in the USA and Europe in the 1960s, an artistic movement called feminist art emerged whose significance should be assessed.

The paper proposed a general approximation, a foundation on the state of art, which may be implemented in the future with more data coming from other collections. It should be taken into account that this aim is a work in progress in a large scale of the research.

This paper includes implications for the development of a more efficient strategy to create a balance situation in the number of men and women photographers at the museum collections.

The paper identified a lack of practical analysis on the current averages of female photographers in art institutions.

This chapter discusses how young Black people produce social agency through the sphere of culture, based on hip-hop. Divided into two parts, it surveys theses and dissertations produced in Brazilian universities on the subject in the last ten years. In a second moment, it proposes a research methodology that takes young people as narrators of their social experiences, emphasizing how they think about the school space. The work is an exploratory study and seeks the interposition between formal schooling and the cultural practices of hip-hoppers. It intends to affirm hip-hop as a power, an affirmative form of an ethic of life, a way of life, and a way of escaping the established places for poor, Black young people from the suburbs. It is also intended to show how hip-hop, a marginal culture, has triggered a game of cultural positions within the school and displaced provisions of power.

This paper aims to review the history of Roldós y Compañía, one of the oldest advertising agencies in the world and the oldest currently operating. This research aims to highlight the importance of this agency and its founder, Rafael Roldós Viñolas – the first documented advertising agent in Spain to this day – in shaping the emerging Spanish advertising industry at the end of the 19th century.

The methodology used in this paper is based on a review of period and contemporary literature, as well as on newspaper sources and documents from the private archive of Roldós, S.A.

In its early years, the agency’s participation in two of the most significant events for the modernization of the city of Barcelona, the Universal Exhibition of 1888 and the International Exhibition of 1929; as well as the ideation and implementation of several urban projects with the aim of finding new formulas and advertising media are factors that make it one of the most important in the country. In 1929, the alliance Roldós-Tiroleses, S.A. de Publicidad, the first great merger of advertising agencies in Spain, which lasted three years, was led. The outbreak of the Civil War and the subsequent post-war period marked a few years of business irregularities and advertising silences that gave instability to its activity. During the last third of the 20th century, the agency was immersed in the generalized advertising euphoria around the world. With the arrival of North American agencies in Barcelona and the consequent business movements, Roldós, S.A. specializes in the processing of advertisements and media planning. The 21st century began with important changes in the media planning sector, and the agency was forced to restructure its services and organizational structure. In 2022, it celebrates 150 years of uninterrupted activity, recognized by the country’s business sector.

This research aims to internationalize the history of the Roldós y Compañía agency, so that it can be studied together with other names of Anglo-Saxon advertising pioneers who were contemporaries of Rafael Roldós.

Scientific research on the history of advertising agencies, especially in Spain, is scarce, so this paper aims to help fill this gap.

Duchamp caused a revolution in the art of the twentieth century with the readymade concept, and simultaneously he opened Pandora's Box, which converted art into a simulation and made it dependent on discursive practices. This degenerated into a deconstructive vulgate when, from the 1960s onwards, an ‘aesthetic of banality’ was accentuated and the media institutionalized the ‘guerrilla’ between the practices and the discourses. Art ‘wrecked’ in a regime of hyper-reality of the image, and the art paradigms and criteria shifted from aesthetics to the law of the financial markets. At the same time, the proliferation of coexisting cultural ideas and a revolving cultural miscegenation ended up splitting the kingdom of the art. In the art world today, there is a cleavage between artists: on one side, the adepts to the heteronomy (a line that was born with ready-made products), those who, following dominant rules, work for the market and the organizations; on the other side, those, more passionate, for whom art is a hermeneutics for self-knowledge. Meanwhile, Picasso's aura returns to the art scene, in a panorama that until now was adverse to him.