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espanolLas obras de arte pueden ser consideradas tanto desde la perspectiva de su atractivo estetico como desde el punto de vista de una oportunidad de inversion. La inversion en arte ha sido considerada como una alternativa de inversion con vistas a la diversificacion de la cartera, o como un colateral, especialmente en situaciones de incertidumbre en los mercados financieros. Sin embargo, se debe poner de manifiesto que las caracteristicas especificas de las obras de arte implica la imposibilidad de comparacion entre la inversion en arte y la inversion en activos convencionales. Para dar respuesta a la pregunta relativa a si la inversion en arte es o no una inversion acertada, es necesaria la estimacion de sus rendimientos esperados, lo cual implica la elaboracion del correspondiente indice de precios hedonicos. El objetivo de este articulo es el analisis de las obras de arte como activos de inversion y la elaboracion del indice de precios de las pinturas de 17 artistas polacos, precios que se negociaron en la mayoria de las ocasiones en subastas realizadas en Polonia en el periodo 2007-2013. A partir de los precios de 1.710 pinturas, se aplica la metodologia de indices hedonicos para la estimacion de los rendimientos de dicho mercado EnglishArtworks can be considered either as an aesthetic attraction or as an investment opportunity. Investing in art has been treated as an alternative investment asset used to diversify the portfolio or as collateral, especially during times of uncertainty in financial markets. It should, however, be noted that certain specific features of artworks mean that investment in art cannot be compared to investment in conventional assets. In order to decide whether art is a good investment, it is necessary to estimate the expected returns that might be generated by such an investment. This requires the development of an art price index. The aim of this paper is to examine artworks as investment assets and to construct a price index of paintings made up of 17 Polish artists whose artworks were most often traded at auctions held in Poland between 2007 and 2013. In our research, we employ data on 1710 objects and apply the hedonic index methodology to estimate returns from the paintings market

Constructing hedonic art price indexes for the Polish painting market using direct and indirect approaches