Abstract
The trade and investment into 'Fine Art' dates back centuries. While investment into art is unique in that
it captures emotional, social, political, traditional and cultural values, the modern investor would include
portfolio structures that are a combination of bonds and equities and in some cases these portfolios
would diversify into alternative investments which include 'Fine Art' as a mechanism that not only
secures some form of future profitability or a store of value, but also include a cultural element that
holds meaning for the investor. Art sales are increasing by volume of trade, and countries like South
Africa are catering towards the art tourist, showing increasing levels of exports of art products. This
paper examines the decision making of the art tourist and the related flow of investments from equities
into the art market. While 'Fine Art' as an investment mechanism may not hold the same degree of
mobility or liquidity as other asset classes, it still holds a store of value over a long period of time. The
choice to hold art within an asset portfolio would be similar to someone who chooses to invest in
commodities, yet the additional factor of owning something that appeals more to the cultural and
emotive schema is a strong motive for including 'Fine Art' into their portfolio.