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研究生:游思嫺
研究生(外文):Szu-Hsien Yu
論文名稱:從國外藝術基金之經驗評估在台灣推行藝術基金之可行性
論文名稱(外文):A Feasibility Study of Art Funds in Taiwan–from the Experience of Overseas Art Funds
指導教授:游張松游張松引用關係
指導教授(外文):Chang-Sung Yu
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:商學組
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
畢業學年度:97
語文別:英文
論文頁數:77
中文關鍵詞:藝術基金藝術投資基金藝術品評價
外文關鍵詞:Art fundArt investment fundart valuationartwork appraisal
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近年來在歐美國家及亞洲出現許多藝術基金,對藝術有興趣之投資人藉此得將其投資標的多角化延伸至藝術領域。雖然藝術基金在西方國家已盛行多年,台灣尚未有藝術基金之成立,其原因包括台灣法令之限制及藝術品之公平評價方法或制度之欠缺等。鑑此,本論文分析歐美國家及中國大陸藝術基金之經驗,包括藝術基金之管理策略、架構、資產評價、風險、法律環境等,並進一步估在台灣推行藝術基金之可行性及提出建議方案,以利未來在修法後得以在國內逐步推動藝術基金。
There have been numerous art funds emerged in western countries as well as in Asia in recent years, through which investors interested in art have been able to diversify their investment portfolio into the art market. Even if art funds are quite popular in western countries, there is no official art fund set up in Taiwan due to various reasons, in particular, the strict laws in Taiwan and the lack of fair valuation approach or system to valuate art assets. This thesis is to study the art funds in foreign countries in terms of art fund management, strategy, structure, asset valuation, associated risks and legal environment, and further explore the feasibility of setting up art funds in Taiwan. Recommendations were also made in this study to facilitate the incubation of the infrastructure of art funds in Taiwan under a more relaxed legal environment in the future.
國立臺灣大學碩士學位論文 i
口試委員會審定書 i
誌謝 ii
中文摘要 iii
THESIS ABSTRACT iv
LIST OF FIGURES and TABLES v
Chapter 1 PREFACE 1
1.1 Research Background 1
1.2 Research Motivation and Objectives 1
Chapter 2 INTRODUCTION TO ART FUNDS IN THE GLOBE 3
2.1 Introduction to Art Funds 3
2.1.1 What is Art Fund 3
2.1.3 Classifications for Art Funds 10
2.1.4 Benefits in Art Fund Investment 11
2.2 Strategies of Art Fund Management 14
2.3 Structure of Art Fund 15
2.3.1 Teaming/Organization Structure 16
2.3.2 Fund Structure/Terms Sheet 19
2.4 Art Index and Valuation of Art Asset 21
2.4.1 Mei Moses and Artron Art Index 21
2.4.2 Valuation of Art Assets 25
2.5 Risks in Art Funds 35
2.5.1 Liquidity 35
2.5.2 Authenticity of Artwork 35
2.5.3 Valuation 36
2.5.4 Market Manipulation 36
2.5.5 Change of International Political and Economic Environment 37
2.5.6 Currency Risk 39
2.5.7 Change of Legislation or Arbitration 39
2.5.8 Failure of Risk Control 40
2.5.9 Transaction Risk (Agency/Principal Risk) 40
2.5.10 Storage Risk 40
2.5.11 Credibility Risk 41
2.6 Legal Environment 42
2.7 Art Fund in Value Creation Cycle in Art Market 43
Chapter 3 OVERVIEW OF ART FUNDS IN TAIWAN 45
3.1 Overview of Current Art Funds in Taiwan 45
3.2 Legal Environment in Taiwan 47
3.2.1 Local Public Art Fund – Not Allowed 47
3.2.2 Offshore Art Funds and Local Private Art Funds – Grey Area 48
Chapter 4 ANALYSIS and RCOMMENDATIONS 49
4.1 Pros and Cons 49
4.1.1 Pros 49
4.1.2 Cons 53
4.2 Analysis 59
4.2.1 Principle – to encourage the art fund market 59
4.2.2 Reducing the Valuation Risk 59
4.2.3 Managing Risks – Minsheng Bank as a reference 61
4.2.4 Education for Long-term Investment 64
4.2.5 Art Fund Propellers in China – banks and non-profit organization 64
4.3 Recommendations 66
CHAPTER 5 CONCLUSIONS 73
5.1 Findings and Conclusions 73
5.2 Future Research Direction 73
REFERENCES 75
EXHIBIT – Artron Art Index and Website 77
REFERENCES
1.Terry Huang (黃文叡), Art Market and Art Investment Decoded, (藝術市場與投資解碼), 藝術出版社, 2008
2.Julia Wang, 收藏投资导刊, June 26, 2008
3.謝恩, 藝術基金時代果真來臨, 典藏投資/試刊號2, Dec. 18, 2007
4.Georgina Adam, Art Funds Struggling, NYU Leonard N. Stern School of Business, Forbes.com
5.Motif Art Consulting, http://www.motifart.com
6.Beautiful Asset Advisors, LLC, http://www.artasanasset.com/main/
7.The Capital Art India Fund, at http:// www.capitalartadvisory.com
8.Dow Jones in Art Market - Bets on the Future of Art, http://www. tynews.com.cn (太原新聞網, 第一財經日報, 藝術市場上的道瓊斯-給藝術未來下注) , Aug. 23, 2007
9.雅昌藝術網:新經濟模式下的藝術經營, 證券日報創業週刊, Aug. 29, 2008, http://www.jrj.com,
10.雅昌藝術網, http://www.artron.net/
11.Caslon Analytics Collectibles, http://www.caslon.com.au/collectiblesnote9.htm
12.Bonhams at http://www.bonhams.com/cgi-bin/public.sh/pubweb/publicSite.r?sContinent=EUR&screen=aboutus
13.Dwyer Fine Art, http://www.dwyerfineart.com/valuations.html
14.Leicester Galleries, http://www.leicestergalleries.com/
15.Swap Art, http://www.swapart.com.au/valuers.cfm
16.Sotheby''s Announces2008 Fourth Quarter and Full Year Results”, iStock Analyst, Feb. 26, 2009, http://www.istockanalyst.com/article/viewiStockNews/articleid/3073783
17.Arcadia Magazine, March 31, 2008 http://www.arcadja.com/artmagazine/en/2008/03/31/the-resale-royalty-right-legislatio
18.經濟日報, 買藝術基金只能到境外購買, Aug. 14, 2008
19.工商時報, 附庸風雅也賺錢- 私募藝術基金熱度不減, Aug. 29, 2008
20.典藏投資, Dec. 18, 2007, http://artouch.com/investments/index.htm
21.07艺术网, 07art.com; ibtimes.com, 2009
22.上海证券报, March 27, 2008
23.Cathy Securities Investment Trust official website: http://www.cathaysite.com.tw/fund/fund01-1.aspx?fundid=01103, July 2009
24.上海證劵報, Dec. 14, 2007
25. 林志昊,現行法令僅能投資有價證券-藝術基金有錢也買不到, 工商時報, May 28, 2007
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