Myriad dilettante art aficionados

Forthcoming in the American Economic Review: 'Art as an investment and conspicuous consumption good', by Benjamin Mandel. A great paper with an even better last paragraph: "Finally, this paper provides food for thought for the myriad dilettante art aficionados. In a boast, a friend once told me that his art was a better investment than all other assets, including financial securities and real estate. Accounting for his utility in telling me so, that is indeed likely."