The Validity of Islamic Art as an Investment

26 Pages Posted: 20 Oct 2009

See all articles by William McQuillian

William McQuillian

Trinity College (Dublin) - School of Business Studies

Brian M. Lucey

Trinity Business School, Trinity College Dublin; University of Sydney Business School; University of Economics Ho Chi Minh City

Date Written: October 15, 2009

Abstract

This paper investigates the validity of Islamic Art as an investment product. We examine the current and future market potential, as well as, performing a hedonic regression analysis on London auction sales from 1998 to 2007. The main findings of the research are; Islamic art returns out performed both the equity and debt markets over the last 10 years; increases in oil prices have a positive effect on art prices, Islamic terrorist attacks on the Western World significantly reduce the value of Islamic art; and that the increase in future buyers means the Islamic art market has the potential to grow very strongly over the coming years. All these indicate the strong potential of this form of art as an investment.

Keywords: art, hedonic regression, islamic finance

JEL Classification: Z10

Suggested Citation

McQuillian, William and Lucey, Brian M., The Validity of Islamic Art as an Investment (October 15, 2009). Available at SSRN: https://ssrn.com/abstract=1489433 or http://dx.doi.org/10.2139/ssrn.1489433

William McQuillian

Trinity College (Dublin) - School of Business Studies ( email )

AAP College Green
Dublin 2
Ireland

Brian M. Lucey (Contact Author)

Trinity Business School, Trinity College Dublin ( email )

The Sutherland Centre, Level 6, Arts Building
Dublin 2
Ireland
+353 1 608 1552 (Phone)
+353 1 679 9503 (Fax)

University of Sydney Business School ( email )

Cnr. of Codrington and Rose Streets
Sydney, NSW 2006
Australia

University of Economics Ho Chi Minh City ( email )

59C Nguyen D├Čnh Chieu
6th Ward, District 3
Ho Chi Minh City, Ho Chi Minh 70000
Vietnam

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