McAndrew is the author of the influential annual report “The Art Market,” published by Art Basel and UBS, and has written multiple books on the international art market and the financial structures that support and drive it. In this film, she describes the various models that have been applied by researchers and businesses trying to track the performance of the art market over time: the average price index, the repeat sales index, and the hedonic index. McAndrew then looks at the relative merits and shortcomings of these indices.
This film also explores art’s performance relative to other financial assets. McAndrew looks at various points in time when art has over- or under-performed the stock market. She also addresses the additional costs associated with using art as an asset class that can affect returns—particularly for speculators who aim to hold a given artwork for just a short period of time.