Summary of the literature on the risk-return of art investing by movements/styles and for Latin American art
| Style(s)/movement(s) | Annual returns | Standard deviation | Annual returns | Standard deviation | Annual returns |
|---|---|---|---|---|---|
| Renneboog and Spaenjers (2012) (real dollars) | 1957–2007 | 1957–2007 | 1982–2007 | 1982–2007 | Li et al. (2022) 1958–2016 (real dollars) |
| Medieval and renaissance | 3.01% | 27.13% | 6.44% | 19.59% | 3.32% |
| Barroque | 4.76% | 17.69% | 5.82% | 12.57% | 3.42% |
| Rococo | 3.69% | 25.42% | 5.03% | 12.15% | 4.40% |
| Neoclassicism | 6.32% | 45.93% | 5.36% | 22.45% | 7.48% |
| Romanticism | 4.28% | 17.34% | 4.79% | 15.24% | 3.35% |
| Realism | 2.57% | 21.42% | 4.16% | 15.46% | 3.20% |
| Impressionism and symbolism | 4.10% | 24.01% | 4.55% | 16.70% | 3.47% |
| Fauvism and expressionism | 3.72% | 22.84% | 4.90% | 18.36% | 3.68% |
| Cubism, futurism and constructivism | 5.53% | 22.40% | 6.01% | 20.55% | 4.74% |
| Dada and surrealism | 5.85% | 32.32% | 5.58% | 19.42% | 5.32% |
| Abstract expressionism | – | – | 7.78% | 21.91% | 5.28% |
| Pop-art | – | – | 10.35% | 29.33% | 7.93% |
| Minimalism and contemporary | – | – | 7.07% | 23.68% | 12.88% |
| Style(s)/movement(s) | Annual returns | Standard deviation | Annual returns | Standard deviation | Annual returns |
|---|---|---|---|---|---|
| 1957–2007 | 1957–2007 | 1982–2007 | 1982–2007 | ||
| Medieval and renaissance | 3.01% | 27.13% | 6.44% | 19.59% | 3.32% |
| Barroque | 4.76% | 17.69% | 5.82% | 12.57% | 3.42% |
| Rococo | 3.69% | 25.42% | 5.03% | 12.15% | 4.40% |
| Neoclassicism | 6.32% | 45.93% | 5.36% | 22.45% | 7.48% |
| Romanticism | 4.28% | 17.34% | 4.79% | 15.24% | 3.35% |
| Realism | 2.57% | 21.42% | 4.16% | 15.46% | 3.20% |
| Impressionism and symbolism | 4.10% | 24.01% | 4.55% | 16.70% | 3.47% |
| Fauvism and expressionism | 3.72% | 22.84% | 4.90% | 18.36% | 3.68% |
| Cubism, futurism and constructivism | 5.53% | 22.40% | 6.01% | 20.55% | 4.74% |
| Dada and surrealism | 5.85% | 32.32% | 5.58% | 19.42% | 5.32% |
| Abstract expressionism | – | – | 7.78% | 21.91% | 5.28% |
| Pop-art | – | – | 10.35% | 29.33% | 7.93% |
| Minimalism and contemporary | – | – | 7.07% | 23.68% | 12.88% |
| Korteweg et al. (2016) | 1961–2013 | 1961–2013 |
| (Nominal dollars) | ||
| Post-war and contemporary | 7.43% | 11.63% |
| Impressionism and modern | 6.09% | 13.30% |
| Old masters | 4.56% | 13.75% |
| US artists | 6.83% | 10.28% |
| European XIX century | 6.81% | 11.70% |
| Other styles | 6.53% | 13.92% |
| Top 100 artists | 9.50% | 13.86% |
| Edwards (2004) | 1981–2000 | 1981–2000 |
| Latin America (real dollars) | 9.00% | 12.60% |
| Campos and Barbosa (2009) | 1995–2002 | |
| Latin America (nominal dollars) | 5.23% | – |
| Kräussl et al. (2016) | 1970–2013 | |
| Latin America (nominal dollars) | 6.11% | – |
| Garay et al. (2017) | 1980–2014 | 1980–2014 |
| Argentina (nominal dollars) | 6.81% | 29.11% |
| Garay (2021) | 1969–2014 | 1969–2014 |
| Venezuela (nominal dollars) | 7.96% | 33.66% |
| 1961–2013 | 1961–2013 | |
| Post-war and contemporary | 7.43% | 11.63% |
| Impressionism and modern | 6.09% | 13.30% |
| Old masters | 4.56% | 13.75% |
| US artists | 6.83% | 10.28% |
| European XIX century | 6.81% | 11.70% |
| Other styles | 6.53% | 13.92% |
| Top 100 artists | 9.50% | 13.86% |
| 1981–2000 | 1981–2000 | |
| 9.00% | 12.60% | |
| 1995–2002 | ||
| 5.23% | – | |
| 1970–2013 | ||
| 6.11% | – | |
| 1980–2014 | 1980–2014 | |
| 6.81% | 29.11% | |
| 1969–2014 | 1969–2014 | |
| 7.96% | 33.66% | |
Source(s): Updated from Cinefra et al. (2019)