In global fluidity superfluous setting falls, like estate market and security market, market of Chinese artwork investment is high temperature is not retreated likewise in last few years. Enter 2007, although this kind of high temperature still is in,last, but compare with the wild look 2006, investor is right of Chinese artwork chase after hold in both hands gradually hasten is sober with reason. Newest the index shows issuance Mei Ma, mix 10 years 5 of artwork years period return rate exceeds a share first. This index also announces those who give artwork to invest the market is the biggest winning the home perhaps is the person that those artwork are collected for a long time forever. Chinese contemporary work of art suffers collector to chase after the that hold in both hands the spring 2007, the fervent temperature of artwork market spreads to Hong Kong all the way from new York. In March, su Fu compares new York spring to pat of the meeting " Asian contemporary artwork " special performance with more than 200 million yuan clinch a deal amount falls next heavy curtain, exceeded not only beforehand the upper limit of appraise, also achieve the record high that the forehead clinchs a deal till auction of Asian contemporary art is current. In April, su Fu compares sale of Hong Kong spring to be able to obtain arrogant person result again, first auction assembly hands in the forehead to exceed 200 million HK dollar, contemporary China art auctions the Xu Beihong in the part " the lash that puts down you " with 72 million HK dollar (about 9.2 million dollar) day price clinchs a deal, the world that refresh China painter draws auctions a record, break him painter considerably the world record of not long ago. The abidance that what deserve attention especially is contemporary art is fervent. The contemporary canvas artist that annals of Zhang Xiaogang, Yue Minjun, Wang Anyi, Ceng Fan is a delegate still is collector people cosset; Xu Bing, Cai Guojiang, Ai Wei did not wait for the device that is a delegate and comprehensive data work to also be held in both hands in auction market by heat. Pat in many 300 in tasting, the Chinese real work after 1989 got the market affirms adequately. Be a mark with Chinese symbol and play political history card greatly, on the auction market that reflects the work of acting feature when at that time to be in new York still most suffer chase after hold in both hands. It is with Zhang Xiaogang especially among them the biggest win the home. New York spring is patted in, clinch a deal before valence 10 pat there is an in part in tasting is the work that comes from Zhang Xiaogang, the individual's assembly handed in the forehead to exceed 32 million RMB. Its " consanguineous series: 3 comrades " although did not resemble the expectant individual that breaks Zhang Xiaogang in that way,the auction is recorded, but still be in intense contention, be bought with the high price of 2.112 million dollar by a of Europe private collector, this expression " the Chinese figure at that time " two male one female all wear a military uniform, chairman Mao badge with sb on it is fastened before the bosom, two men are wearing in front of the work of red armband, make this sale the can costliest pat article. In the auction assembly room of Hong Kong, at least 6 contest that buy the home cast Zhang Xiaogang to create 1993 " Tian An Men " , this appraisal the 5 million work to 7 million HK dollar, final by an Asia private collector is gotten with call sign, clinch a deal valence is 15.44 million HK dollar (1, 975, 394 dollars) . Outside dividing Zhang Xiaogang, the figure of big mouth figure of grinningly giggle of Yue Minjun and " enjoy a life realistic " the style still is bought the home by Newyork city field chase after to the utmost hold in both hands, create the work 1993 " goldfish " in 6 contest the price that 11 million yuan restrain with the RMB in patting the person's intense phone contest clinchs a deal, with one action broke record high of on sale of work of painter individual single width. Of Ceng Fan annals " mask " by American of a Han Yi with 50 much dollars clinch a deal valence is taken. The work of realistic painter Leng Jun " five-pointed star " , with tower above appraisal the high price of the 1.2 million dollar of nearly 4 times clinchs a deal, refresh of with one action record high of on sale of its individual work, the oldest a dark horse that becomes an auction to meet. However, although have arrogant person clinch a deal total prices, the work that still has 24 ％ flows pat, with the new York last year spring pat meeting to " Chinese contemporary subject matter " hot chase after hold case photograph in both hands to compare, people has begun to enter the phase with be mixed mature calmly slowly to the fanaticism of this class. Artwork invests redound head to exceed a share, extended hold reduces a risk and do not affect the auction market with accrual unusually active to invested an index to provide a large number of newest market data to artwork, 2006 autumn and the auction of 2007 spring can offer nearly 1000 to repeat a sale, can use at updating data. The newest Mei Ma index after updating (Mei Moses) (note: Mei Ma index is an artwork major that is agreed with generally by field of western finance investment invests an index, by new York university history ascends · of Er of Michael of business school associate professor Mosaic with his colleague Professor Mei Jianping waits for collective work out) show, mix 10 years 5 of artwork years period return rate exceeds a share first. 2006, 1 year of Mei Ma index period return rate is 18.3 ％ , go up 1987-1990 is next to a few years on the history, exceed 500 indexes of Er of general of standard of the corresponding period apparently the growth of 8.3 ％ . This is artwork first time recently year of return rate of 5 years (11.6 ％ ) and recently year of return rate of 10 years (8.5 ％ ) the respect exceeds a share (mix for 6.1 ％ respectively 8.4 ％ ) . Differ from artwork and stock analysis of year of compound return rate of hold period, go 25 years, the stock exceeds artwork; But, from 1961 up to now, both differs very few. Mei Ma index is used served as statistic 1961 initiative year, because begin to appear from this year,be in great quantities data of period of half an year, enough forms an index that has be convinced power. From 1961 up to now half an year is average in light of return rate, artwork and stock are very adjacent. If use the standard deviation that return rate of half an year changes to measure a risk, the closest 10 years, artwork not only average return rate is higher, and its risk first time and standard general Er 500 adjacent. Because artwork is in,this basically is experienced on century 90 time are inchoate low after confusing, the closest occurrence systematization rises bring about. And the stock is in on century systematization of 90 time later period rises, appeared to drop greatly 2000, next slow restore. Nevertheless, from longer hold period look, the risk of artwork still is more than a stock. Notable is, mei Ma index and standard general Er the correlation coefficient of increase rate of half an year of 500 is very low. Both mixed 50 years in the past the relevant factor in 25 years is respectively 0.02 with 0.06. This shows artwork to be able to produce positive effect in diversification investment. Data shows, from on 60 time later period goes to the century 90 time are inchoate, the expression of artwork exceeded a share. After this, the stock market begins an ox, and artwork is in on after 90 time drop greatly, the century entered an endless and slow convalescence, this also is 500 indexes of standard general Er the reason that long-term return rate exceeds Mei Ma index. The growth of Mei Ma index 2006 basically is by the United States before 1950 the picture is sent, afterwar with contemporary work these two driving expression that collect a category form. 2006, both growth reachs 45 ％ for 35 ％ respectively. So rapid growth makes the personage inside a lot of course of study fears the market has been in bubble phase. In the bubble peak 1990, include impressionist school and modernist school, return rate of 5 years when classic picture sends those who wait inside to collect a category individually all is 30 ％ about, and only at present the United States before 1950 draws a clique, afterwar it is 20 ％ with 5 years of return rate that work collects a category twice this now, far under the 30 ％ that have bubble menace, however, if continue to carry such growth trends, artwork invests to the market is after two years or browbeat those who approach bubble brim. Data still makes clear, extended hold artwork can reduce a risk and won't affect earnings. When the return rate that judges distinct category work, use repeat sale index to be close friends at average price index. Because repeat a sale exponential fluctuation is lesser, and, repeated sale database to include the effective return rate that trades individually, because this can be used,judge exterior element, if hold period is mixed,buy the price, how to affect these return rate. Comparative spring increases the return rate that sale work repeats entirely in data and hold newly this year period discovery: The return rate fluctuation of short-term hold is more than extended hold apparently, and, longer hold period can reduce a risk and won't affect redound. Business school of professor of department of finance of business school of Shideng of university of author department new York, the Yangtse River visits a professor
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