This book proposes a transversal approach to art, perceived less as a financial asset class than a source of immediate felicity. It will be of interest to students in art schools addressing the challenges of forgery and authentication in art, at a time in which Artificial Intelligence is becoming a commonly used tool. The book brings forward the 'aesthetic yield' meant to encapsulate the emotional pleasure generated by art and an extension of the 'convenience yield', that represents the benefit of owning a physical commodity - as first suggested by Keynes, an immense economist, and a talented art collector whose portfolio is discussed in the book. Investors will learn of the unique difficulties involved in identifying returns on artworks, illustrated by the famous Salvator Mundi example. Beyond art indexes, the book aims at exploring the financial economics of art, with its scarcity and its incomplete information. Non-fungible tokens (NFTs) are also simply explained.
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'Professor Geman's book is a superb resource for art lovers, art collectors and art professionals. From the profound meaning of Art to the economic and quantitative aspects, and latest developments in NFT's and AI, it will definitely help you navigate the art world.'Stephan WrobelArt Lecturer, Kedge Business School, France'Helyette Geman's book brilliantly explains the challenges in the identification and computation of returns generated by art. She suggests that the aesthetic emotion drawn from it will be much less elusive than the monetary value and a long-lasting worth for the collector. A must read.'Thomas SchneeweisEmeritus Professor of Finance, University of Massachusetts, USA
Hélyette Geman is a Professor of Finance at Johns Hopkins University, USA, and Senior Fellow in the think tank Policy Centre for the New South in Rabat, Morocco. Her previous institutions include ESSEC Business School and Université Paris Dauphine, France, as well as Birkbeck, University of London, UK. Hélyette is a graduate of Ecole Normale Supérieure, France, and holds PhDs in probability and finance. She was recognized as the Financial Engineer of the Year 2022 by the International Association for Quantitative Finance, making her the first woman to receive the award. She is the author of Commodities and Commodity Derivatives and Agricultural Finance, as well as more than 120 papers in major finance, economics, and insurance journals. Her primary research interests over the last 14 years have focused on climate change, cryptocurrencies, and art.
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