Arbitraż na rynku sztuki na przykładzie dzieł artystów z kręgu Młodej Polski
Arbitration on the Art Market on the Example of Works by Artists from the Young Poland Movement

Summary/Abstract: In recent years, an increase in investor interest in alternative assets has been observed, which became particularly evident after the outbreak of the Covid-19 pandemic. Among these assets, the works of artists from the Young Poland movement (years: 1890-1918) deserve special attention. Generally, there are two basic ways to invest in the art market. The first is to purchase a work by a Polish artist on the Polish market, keep it in an investment portfolio for a certain period and then resell it on the Polish market. The second involves buying a work by a Polish artist abroad (these are known as polonika, i.e. Polish materials), bringing the work to the country and selling it on the Polish market. The article shows pricing inefficiencies on the art market in Poland, manifested by higher returns on investments in works of Polish artists abroad and reselling them on the Polish market. Moreover, it has been proved that investments in the works of the Young Poland artists on the Polish market yielded returns higher than those of the WIG index, S&P 500, gold, and inflation during the analysed period. Studies were conducted on the returns of works for eleven selected artists of Young Poland, and categorised into the following segments of the art market: oil painting, drawing/watercolour, photography and lithography.

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