讲 座 信 息

主题：Art in Times of Crisis

时间：2025年6月13日（周五）13:30-15:30

地点：紫金港西区成均苑8幢10楼南1017

概要：We trace the long-term performance of the UK art market across a broad set of crises: world wars, economic recessions, financial crises, inflationary periods, and changes in monetary policy. By means of digitalized historical auction archives, we construct art price indices from the early twentieth century onwards and disclose that annual art auction value grew, in real terms, more than seven-fold over this period. The arithmetic annual real return and risk amount to 3.6 per cent and 20.1 per cent, respectively. Art returns plummeted at the onset of wars, but turned positive in the second half of wars when they outperformed stocks, suggesting that art was seen as a safe haven in times of political turmoil. During wars, smaller – and thus more transportable – paintings obtained higher returns. Art returns are sensitive to economic and financial crises, with the largest slumps occurring during the Great Depression, oil crisis, recessions of the early 1980s and early 1990s, and the Great Recession. We also document changes in art preferences for paintings’ sizes, schools, liquid art, and artists’ nationalities across crises. Art enters a broad optimal asset portfolio both in non-crisis periods and during war times.

主讲人：李越欣，中国人民大学应用经济学院副教授

她于2021年在荷兰蒂尔堡大学获得金融学博士学位。研究领域包括文化经济、艺术品金融和经济历史。研究成果发表于Management Science、Economic History Review、《金融研究》、《美术研究》等期刊。

评议人：袁松 浙江大学经济学院百人计划研究员

博士生导师，财政部金融司挂职干部（2024-2025）。2022年于英国华威大学获得经济学博士。主要研究方向为发展经济学、公共财政、世界经济、经济史。研究成果发表在Journal of Development Economics, Journal of Economic History, Journal of Comparative Economics等权威国际期刊。主持浙江省自然科学基金、中央高校基本科研基金等科研项目。

主持人：张晓鸣，浙江大学社会学系新百人计划研究员

香港大学经管学院博士，研究方向为历史政治经济学、历史社会学、组织理论等。目前研究议题包括，历史时期中国的国家能力及其起源、古代官僚体系的组织学原理、中国早期复杂社会的兴起与衰落等。文章发表于American Journal of Political Science; Journal of Development Economics; Journal of Comparative Economics;  Journal of Chinese Governance; 学术月刊等期刊。