中国基金经理瞄上艺术品 Chinese managers draw on art

2010年12月20日 14:17 PM

中国基金经理瞄上艺术品

Chinese managers draw on art

英国《金融时报》 Glori Ye 报道

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Chinese fund management companies have launched art funds to meet the need of investors for both returns and exposure to what they refer to as cultural consumption.	中国基金管理公司纷纷推出艺术品基金，以满足投资者对于回报率以及投资于“文化消费”的要求。
Observers say art is a unique asset class and fund managers should be well informed on the nuances of the art market.	观察人士表示，艺术品是一种独特的资产类别，基金经理应对艺术品市场的细微差别有充分的了解。
Shanghai-based Noah Wealth Management is the most recent entrant, having launched a fund in November to invest in Chinese art works such as paintings and ceramics.	总部位于上海的诺亚财富管理中心(Noah Wealth Management)是最新加入该行列的基金公司，在11月份推出了一只投资于画作和陶器等艺术品的基金。
Earlier to market was China Minsheng Banking Corporation, which launched its first art fund in June 2007 and a second in July 2009. Beijing-based Zhong Bo Auctions Company and Shanghai-based Terry Art Fund Management also have two funds apiece. The latter is preparing to launch two new funds next year, says its Shanghai-based chief operating officer, Wang Kai. Mr Wang says Red Coral I, the group’s first fund launched in May 2009, returned 25 per cent in its first year, as audited by Ernst and Young. He expects the annual return of Red Coral II, set up in July, to be 20 per cent.	还有一些公司更早进入这一市场：中国民生银行(CMBC)于2007年6月推出其首只艺术品基金，并于2009年7月推出了第二只。北京的中博拍卖公司(Zhong Bo Auctions Company)和上海的泰瑞艺术基金(Terry Art Fund Management)也各自拥有两只艺术品基金。泰瑞艺术基金驻上海的营运总监王凯表示，该公司准备明年推出两只新基金。他表示，安永(Ernst and Young)的审计结果显示，公司2009年5月推出的首只艺术品基金红珊瑚一期(Red Coral I)首年的回报率为25%。他预计，今年7月推出的红珊瑚二期(Red Coral II)的年回报率将达到20%。
The two funds invest in three major areas: Chinese ink painting, classic oil painting and contemporary art.	这两只基金投资于3个主要领域：中国水墨画、经典油画和当代艺术品。
So far, the major channel for the art funds to sell their works is through auctions. Big auctions take place in spring and autumn every year in Beijing and Shanghai, according to Noah Wealth Management. Trading volumes run to about Rmb10bn ($1.5bn) for each season, the group says.	迄今为止，艺术品基金出售艺术品的主要渠道是拍卖。诺亚称，北京和上海每年夏季和秋季都会举办大型拍卖会。该公司表示，每个拍卖季的成交额能达到约100亿元人民币(合15亿美元)。
Although art investment in China is still at an early stage, market participants believe the market has huge growth potential.	尽管中国的艺术品投资仍处在初期阶段，但市场参与者相信，市场具备巨大的增长潜力。
“Art works in China have been neglected for a long time,” says Terry’s Mr Wang. “Compared with those foreign masters, Chinese masters’ works are highly undervalued.”	“艺术品在中国曾长期受到忽视，”泰瑞艺术基金的王凯表示。“与外国名家相比，中国艺术品名家的作品被严重低估。”
More wealthy Chinese citizens need alternative investment, says a spokesman for Noah Wealth Management, and this will continue to drive demand within the country.	诺亚的一位发言人表示，更多富有的中国人需要另类投资，这将继续推动中国国内的需求。
“When a country’s GDP per head reaches US$3,000, its citizens will have [demand for] art investments,” says the spokesman. “China’s GDP per head reached $3,100 in 2008. It is a good time to start an art fund now.”	“当一国的人均国内生产总值(GDP)达到3000美元时，其国民将产生艺术品投资（需求），”这位发言人表示。“中国的人均GDP于2008年达到3100美元。如今是推出艺术品基金的好时候。”
Jonathan Stone, managing director of Christie’s in Asia, confirms the growth of the art market in Asia in recent years, reporting enormous interest in jewels, watches, wine, contemporary paintings, and classical paintings in Christie’s autumn sales in Hong Kong. Mr Stone says Christie’s raised HK$2.29bn ($295m) in its spring auctions, while the autumn sales total so far is HK$2.52bn, with two sales still to come.	克里斯蒂(Christie's)亚洲区董事总经理乔纳森•斯通(Jonathan Stone)证实，亚洲艺术品市场近年来出现了增长：在该拍卖行的香港秋季拍卖会上，人们显示出了对珠宝、手表、红酒、当代画作和经典画作的巨大兴趣。斯通表示，克里斯蒂香港春季拍卖会的成交额达到22.9亿港元(合2.95亿美元)，秋拍的成交额迄今已达25.2亿港元，而未来还有两场拍卖会要进行。
Mr Stone says art fund managers should have solid knowledge of the art market, artists, and collecting categories, and must be well informed on the risks and how to manage them.	斯通称，艺术品基金经理应具备艺术品市场、艺术家和收藏类别方面的丰富学识，还必须充分了解其中的风险以及应对方法。
“Paintings and other works of art can be very illiquid assets and their return can be damaged if they appear too frequently at auction,” he says. “There are also often high costs involved with insurance, storage and maintenance.”	“画作及其它艺术品的流动性可能非常低，如果过于频繁地出现在拍卖会上，其回报率有可能受损，”他表示。“另外，保险、保管和维护的成本通常也很高。”
The holding period of art works is also a key factor for generating return. Mr Stone says relatively long holding periods are necessary to generate returns.	艺术品的持有期也是产生回报率的一个关键因素。斯通表示，相对较长的持有期是产生回报率的必要条件。
The holding period for Terry’s two funds is five years. Mr Wang says in the US, an art fund would usually hold for seven to eight years but in China, investors do not want to wait that long.	泰瑞两只基金的持有期是5年。王凯表示，在美国，一只艺术品基金的持有期通常是7到8年，但在中国，投资者不想等那么久。
Glori Ye is a reporter for Ignites Asia, a Financial Times publication, where this story first appeared	本文最初发表于英国《金融时报》旗下刊物《Ignites Asia》，作者Glori Ye是该刊记者