By George Soros

In the middle of the main critical monetary upheaval because the nice melancholy, mythical financier George Soros explores the origins of the situation and its implications for the long run. Soros, whose breadth of expertise in monetary markets is unmatched, areas the present concern within the context of many years of analysis of the way members and associations deal with the growth and bust cycles that now dominate worldwide fiscal job. “This is the worst monetary drawback because the 1930s,” writes Soros in characterizing the size of monetary misery spreading throughout Wall highway and different monetary facilities around the globe. In a concise essay that mixes sensible perception with philosophical intensity, Soros makes a useful contribution to our figuring out of the good credits challenge and its implications for our state and the realm.

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As with all assets, the objective of investing is to minimize the downside risk for a given level of return, or to maximize the returns for a given level of risk. The important area of risk analysis in the art market is the subject of Chapter 4. There are a number of statistical methods to measure risk both for individual art assets and relative to other invest­ ments. A problem with most measures is that they rely on historical data (which means they cannot predict future risks), and most are best used for short-term decision making, which is not often appropriate in the context of investment in the art market.

Views differ on how these results should be interpreted. One view holds that the apparent decline in some Contemporary prices marks the end of spending spree in this sector by global buyers and is a sign of possible further decline ahead. Most research studies have shown that the Contemporary sector has tended to have the most correlation with financial indices of all categories in the art market, albeit often with a significant lag, and is therefore the most susceptible to general economic fortunes.

7. An interesting example given in McAndrew (2008) shows that in 2006 91 percent of the total global art auction turnover are in the price bracket below $25,000, and within those sales just over 76 percent are below $6,000. See Clare McAndrew, The International Art Market: A Survey of Europe in a Global Context (Helvoirt: TEFAF, 2008). 8. Liquidity refers to the ease at which an asset can be converted to cash or bought and sold on a secondary market without affecting the asset’s value. 9. Developments within the art market such as art funds and other instruments have made it somewhat easier to buy and sell relatively quickly and easily, and even without the risks of full ownership.

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