Doctoral thesis (Dissertations and theses)
Investigating the potential of investing in fine stringed instruments as an alternative investment asset
Ortiz-Munoz, Angela


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Investigating the potential of violins as an alternative asset class_06092020_v2.pdf
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Keywords :
Alternative Investments; Hedonic regression; Stringed Instruments
Abstract :
[en] Often seen as a passion project or part of a philanthropic venture, rare and fine stringed instruments offer an exciting option to diversify one’s investment portfolio while providing an opportunity for an exceptional long-term investment. Though, historically rare violins have not been widely recognized as assets for investment, this category is gaining interest due to its steady increase in value, a lively international market and a finite and diminishing supply. This study demonstrates that fine stringed instruments offer a steady increase of approximately 3,7-6,9% return per annum with a dramatic percentage increase since the 80’s. In this thesis, the stringed instrument public auction and private dealer markets are reviewed, the price dynamics are studied, and some fundamental intra market specific limitations are tackled in order to observe the true underlying returns of this asset. In order to build solid conclusions, the largest fine stringed instrument auction database has been developed encompassing the period from 1850 until today, although for the analysis a focus is put in the period from the 1980’s until today, as it is when the demand and, consequently the market for violins boomed.
Disciplines :
Author, co-author :
Ortiz-Munoz, Angela ;  University of Luxembourg > Faculty of Law, Economics and Finance (FDEF)
Language :
Title :
Investigating the potential of investing in fine stringed instruments as an alternative investment asset
Defense date :
26 June 2020
Number of pages :
Institution :
Unilu - University of Luxembourg, Luxembourg, Luxembourg
Degree :
Docteur en Sciences Financières
Promotor :
President :
Jury member :
Nowak, Eric
Bruno, Brunella
Focus Area :
Available on ORBilu :
since 05 September 2020


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