<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0121-4772</journal-id>
<journal-title><![CDATA[Cuadernos de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Cuad. Econ.]]></abbrev-journal-title>
<issn>0121-4772</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0121-47722020000100167</article-id>
<article-id pub-id-type="doi">10.15446/cuad.econ.v39n79.71870</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[ARTE COMO INVERSIÓN: CONSTRUCCIÓN DE UN ÍNDICE HEDÓNICO PARA MEDIR LA VALORIZACIÓN DE ARTE COLOMBIANO EN EL PERÍODO 1989-2015]]></article-title>
<article-title xml:lang="en"><![CDATA[Art as investment: Construction of a hedonic index to measure the valuation of Colombian art in the 1989-2015 period]]></article-title>
<article-title xml:lang="fr"><![CDATA[L'art comme investissement: Elaboration d'un indice hédonique pour mesurer l'évaluation de l'art colombien pour la période 1989-2015]]></article-title>
<article-title xml:lang="pt"><![CDATA[Arte como investimento: Construção de um índice hedônico para medir a valorização da arte colombiana no período entre 1989-2015]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Santana Vilorta]]></surname>
<given-names><![CDATA[Leonardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Bogotá Jorge Tadeo Lozano  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2020</year>
</pub-date>
<volume>39</volume>
<numero>79</numero>
<fpage>167</fpage>
<lpage>190</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0121-47722020000100167&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0121-47722020000100167&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0121-47722020000100167&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Esta investigación estima el comportamiento del valor de obras de artistas colombianos durante el período 1989-2015 mediante el cálculo de un índice hedónico. Para ello, se utilizan datos de subastas internacionales del portal Artprice.com y la metodología de precios hedónicos; se incorpora, además, el modelo de selección de Heckman con el fin de evitar sesgo de selección. Los resultados muestran cómo la rentabilidad de la inversión en estas obras de arte ha sido inferior al rendimiento de los principales indicadores de renta variable, pero constituye una alternativa de diversificación dentro de un portafolio de inversión. JEL: Z1, Z11, G10, G11.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT This paper estimates the behavior of the value of works by Colombian artists during the period 1989-2015 by calculating a hedonic index. International auction data from the Artprice.com portal is used. The index is estimated by applying the methodology of hedonic prices and incorporating the Heckman selection model in order to avoid selection bias. The results show how the profitability of the investment in these artworks has been inferior to the performance of the main financial indexes, but it is an alternative for portfolio diversification. JEL: Z1, Z11, G10, G11.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[RÉSUMÉ Cette investigation évalue le comportement de la valeur d'&#339;uvres d'artistes colombiens pour la période 1989-2015 par le calcul d'un indice hédonique. Pour cela, on utilise les données d'enchères internationales du portail Artprice.com et la méthodologie de prix hédoniques ; on incorpore en outre le modèle de sélection de Heck-man pour éviter le biais de sélection. Les résultats montrent comment la rentabilité de l'investissement sur ces &#339;uvres d'art a été inférieure au rendement des principaux indicateurs de rente variable, mais constitue une alternative de diversification dans un portefeuille d'investissement. JEL: Z1, Z11, G10, G11.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[RESUMO Esta pesquisa estima o comportamento do valor de obras de artistas colombianos durante o período entre 1989-2015 mediante o cálculo de um índice hedônico. Para isso, utilizam-se dados de leilões internacionais do portal Artprice.com e a metodologia de preços hedônicos; se incorpora, também, o modelo de seleção de Heckman a fim de evitar viés de seleção. Os resultados mostram como a rentabilidade da inversão nestas obras de arte tem sido inferior ao rendimento dos principais indicadores de renda variável, pero constitui uma alternativa de diversificação dentro de um portfólio de investimento. JEL: Z1, Z11, G10, G11.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[mercado de arte]]></kwd>
<kwd lng="es"><![CDATA[inversión en arte]]></kwd>
<kwd lng="es"><![CDATA[precios hedónicos]]></kwd>
<kwd lng="es"><![CDATA[subastas]]></kwd>
<kwd lng="en"><![CDATA[art market]]></kwd>
<kwd lng="en"><![CDATA[art finance]]></kwd>
<kwd lng="en"><![CDATA[hedonic prices]]></kwd>
<kwd lng="en"><![CDATA[auction]]></kwd>
<kwd lng="fr"><![CDATA[marché de l'art]]></kwd>
<kwd lng="fr"><![CDATA[investissement dans l'art]]></kwd>
<kwd lng="fr"><![CDATA[prix hédoniques]]></kwd>
<kwd lng="fr"><![CDATA[ventes aux enchères]]></kwd>
<kwd lng="pt"><![CDATA[mercado de arte]]></kwd>
<kwd lng="pt"><![CDATA[investimento em arte]]></kwd>
<kwd lng="pt"><![CDATA[preços hedônicos]]></kwd>
<kwd lng="pt"><![CDATA[leilões]]></kwd>
</kwd-group>
</article-meta>
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