Investment U, a publication run by the investor network, The Oxford Club, ran an article on art as an investment in 2002. The article was published during the stockmarket downturn of 2002, and contains statistics that demonstrate the enduring value of art as an investment through a number of recessions. Here’s an excerpt:
“Contrary to popular belief, art does not tank in value during times of stock market weakness or war. Fine art’s 256% rise in the last great bear market (1966-1975), during the Vietnam War, is a testament to that. According to an exhaustive study by NYU professors Jianping Mei and Michael Moses – using figures from the 27 recessions dating all the way back to 1875 – fine art investments hold up very well in bad times. It is a good store of value.”
The article is a good introduction to the concept of fine art as an investment. You can find the full text here.