Art investment is an "art work"

现在的很多艺术品看似“有财富之名，无资本之实”，其原因在于艺术品是无法准确估值的，要视市场情况而定。所以让市场持续稳定的发展，就要过滤掉不合理的投机机会，避免忽上忽下的波动行情。

Many artworks today seem to be "famous for wealth, but not real capital", because artworks cannot be accurately valued, depending on market conditions. Therefore, in order to keep the market developing steadily, it is necessary to filter out unreasonable speculation opportunities and avoid fluctuating prices.

国内艺术品市场还处于金融化程度低、但创新意识超前的状态之中，仍以拍卖为、艺术产品匮乏、投资者不成熟、金融支持较单薄。从2010年艺术品拍卖迈入“亿元时代”，与拍卖行的火爆鲜明对比的是艺术品市场其他金融手段的凋敝。对利润的追求和监管的松懈让这个领域充满了野蛮生长的气息。在市场还未普遍成长起来时，贪多求快的“创新”往往过犹不及：近来“文交所”的高频率出现正是因为“创新”过度而受到市场的质疑。

The domestic art market is still in a state of low degree of financialization but advanced innovation awareness. It is still auction oriented, lacking in art products, immature investors, and weak financial support. China's art auction has entered the era of "100 million yuan" since 2010, which is in sharp contrast to the popularity of auction houses. The pursuit of profits and lax supervision make this field full of the atmosphere of barbaric growth. When the market has not generally grown up, the "innovation" that is greedy for more and faster is often too much. Recently, the high frequency of the "Culture Exchange" is questioned by the market because of the excessive "innovation".

在这样的金融环境下，资本运作的机会和风险并存。各家银行在金融产品的制定和论坛推广、艺术家培养等方面都有了切实的行动；但在监管部门那里，这个市场还没有受到足够的重视和制度推动。未来，拍卖公司的上市不失为艺术品领域资本运作的一个标杆。而要实现艺术投资市场的理性发展，依然有迹可循。

In such a financial environment, opportunities and risks of capital operation coexist. All banks have taken practical actions in the formulation of financial products, promotion of forums, and cultivation of artists; However, the market has not received enough attention and institutional impetus from the regulatory authorities. In the future, the listing of auction companies can be regarded as a benchmark for capital operation in the art field. However, there are still traces to follow to realize the rational development of China's art investment market.

从投资者角度来看，要抱定把自己培养成鉴赏家、收藏家的目标，明确收藏目的不是投机而是出于爱好。想要做收藏，就要收藏喜欢的、有价值的艺术珍品。目前国内现有的几类艺术品投资途径有：直接参与艺术品拍卖、投资艺术基金的间接方式，如果是一个刚刚入市的初学者，通过银行理财或艺术基金的方式逐步介入，可以逐渐了解艺术品市场的一些投资特性和风险程度。

From the perspective of investors, we should aim to cultivate ourselves as connoisseurs and collectors, and make it clear that the purpose of collection is not speculation but hobby. If you want to collect, you should collect your favorite and valuable art treasures. At present, there are several types of art investment channels in China: direct participation in art auction and indirect investment in art funds. If a beginner just enters the market, he can gradually get to know some investment characteristics and risk levels of the art market through bank financing or art funds.

从市场参与者来讲，作为主方的拍卖会等机构应当对整体市场有一个正确的引导，要拍真品，拒绝赝品，而不是只顾贪图牟利搅浑了市场。所应该提供投资增值渠道，而不是投机渠道。此外，机构投资者的壮大和基金信托等产品种类的丰富也有待努力。

From the perspective of market participants, the auction house and other institutions as the main party should have a correct guidance for the overall market. They should auction authentic products and reject fakes, rather than just muddle the market for profit. Exchanges should provide channels for investment appreciation rather than speculation. In addition, the expansion of institutional investors and the enrichment of fund trust and other product categories also need efforts.

监管层应该加将强自身在对艺术品投资风险和投资教育方面的职责，实施合理的监管和制度规范，这对重新建立艺术品市场的健康秩序和未来长久发展十分必要。

The regulators should strengthen their own responsibilities in terms of investment risks and investment education of art, and implement reasonable supervision and institutional norms, which is very necessary to re-establish a healthy order of the art market and long-term development in the future.

艺术品金融化应该是循序渐进的，市场各方在坚守风控底线的同时，在风险管理上可保持多元化创新思维。但是，无论行情怎么起伏，艺术品的价值始终脱离不了美术性、学术性和鉴赏性的评定范畴。

The art financialization should be gradual. All parties in the market can maintain diversified and innovative thinking in risk management while sticking to the bottom line of risk control. However, no matter how the market fluctuates, the value of works of art can never be separated from the assessment category of artistry, scholarship and appreciation.