In an era with unprecedented changes unseen in a century and increasing uncertainties in the global economy,alternative assets have gradually attracted the attention of global investors and become an im-portant component of the asset management industry.As for alternative investments,the private sector has ac-cumulated the experience of purchasing art in the time of economic prosperity and investing in gold in the time with economic uncertainties.It is worth exploring whether this traditional wisdom can be applied in the current open market.This study used the micro data from the global auction market of Chinese art and the spot gold data from the Shanghai Gold Exchange in the last 20 years to analyze art and gold investments within a unified framework.The impacts of international and domestic macroeconomics on the investment of two types of alter-native assets were compared,and the asset allocation effects of the two types of assets in different economic cycles were studied.The results showed that the art market was greatly influenced by the domestic macroenvi-ronment,and the substitution effect between the influential art market and the stock market was strong.Gold is a globally recognized quasi-currency,and the global gold market was greatly influenced by international mar-ket factors such as exchange rates and global economic policy uncertainties.In the context of market globaliza-tion,art and gold investments present new characteristics,with art resisting internal inflation and gold resist-ing external risks.The combination of art and gold markets has a dual hedging effect.During the periods with low(high)uncertainty in global economic policies,there is a negative correlation(close to zero)between the two types of assets.Both types of assets can reduce portfolio risk and improve investment performance in asset allocation during different economic cycles.
NETL
NSTL
万方数据
