Part A
Directions:
Read the following four texts. Answer the questions below each text by choosing [A], [B], [C] or [D]. Mark your answers on Answer Sheet 1. (40 points)
Text 1
It is said that people buy contemporary art when they are confident about the future and old art when they are not. Conventional wisdom has it that older art holds its value, while contemporary stuff is for risk-lovers. William Goetzmann, a professor at Yale, estimates that during the last art-market depression, which set in after 1990, impressionist and contemporary works fell by most (51% and 40% respectively), while Old Masters suffered least (down by 16%). Yet despite the ups and downs, contemporary works have been rewarding for those who are prepared to hang on: according to Jianping Mei and Michael Moses, professors at New York University (NYU) since 1970 the returns on contemporary art have far exceeded those on Old Masters and 19th-century paintings.
Contemporary art, in particular, has served rich investors well in the past few years. Prices stayed stable when stock markets fell. Nevertheless, one recent academic study has found a correlation with another asset class: during the last world art boom, in the late 1980s, prices were closely tied to property values, specifically Japanese land prices. After 1990, art and property fell together. Now property prices in several countries are once again at frightening heights.
|
您将承担一切因您的行为、言论而直接或间接导致的民事或刑事法律责任
留言板管理人员有权保留或删除其管辖留言中的任意内容 本站提醒:不要进行人身攻击。谢谢配合。 |