Art of the Deal: Contemporary Art in a Global Financial by Noah Horowitz

By Noah Horowitz

Artwork this day is outlined through its dating to cash as by no means ahead of. costs were pushed to unparalleled heights, traditional obstacles in the paintings international have collapsed, and artists imagine ever extra strategically approximately the way to boost their careers. paintings is not any longer easily made, yet packaged, offered, and branded. In Art of the Deal, Noah Horowitz exposes the interior workings of the modern paintings marketplace, explaining how this detailed economic climate got here to be, the way it works, and the place it's headed.

In a brand new postscript, Horowitz displays at the evolution of the alternate because the book's unique unencumber in 2011, shining mild at the market's endured ascent in addition to its so much pressing demanding situations.

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As discussed in the body of the chapter, this comes from the observation that most of us most of the time are risk averse. Risk aversion implies that the certainty equivalent, namely a certain wealth level such that you are indifferent between this wealth level and a particular prospect, is less than the expected value of wealth of the prospect. n Utility functions are cardinal and unique for given values of wH and wL. This is in contradistinction to the mere ordinality of utility under certainty.

You would not be indifferent between two assets that have the same expected return but very different levels of risk. With the same expected return, an investor would prefer the asset that has a more certain outcome or less uncertainty about possible returns. Although there are different ways we could measure uncertainty, for an individual asset, variance or dispersion from the mean is the most common measure. The variance of returns, denoted as s2i , reflects squared deviations from the mean so large deviations above or below the mean count equally.

Systematic risk is common to all risky assets in the system, so we cannot diversify it away no matter how many stocks are added to the portfolio. If we add the assumption that all investors have the same, or homogeneous, expectations, then all investors have the same efficient frontier. We now know that only portfolios lying along the efficient frontier should be considered. 9 You might find an investor whose primary goal is to eliminate as much risk as possible, and he would locate himself right on the minimum-risk point.

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