Investing in Art – Is It Worth It?

Investing in works of art is gaining popularity worldwide and in Poland. Historically, the art market was niche—reserved mainly for connoisseurs and very wealthy collectors. Today, more and more first-time investors are considering art objects as an alternative to stocks, real estate, or even cryptocurrencies. In this article, we look at trends in the global and Polish art markets, record prices, changes in market value over the last 10 years, and compare art with other forms of capital allocation. We also discuss key legal and tax aspects, market segments (from Old Masters to digital NFTs), and a list of auction houses and institutions worth following.

Global Trends in the Art Market

Over the past decade, the global art market has grown dynamically, albeit with occasional downturns during crises. After the 2008–2009 global financial crisis, the art sector recovered relatively quickly—faster than traditional financial markets. From around 2010, a growth period began, driven by a rising number of wealthy collectors (especially from the US and China) and new technologies facilitating art trade. In 2012, global art sales were estimated at about USD 57 billion, and by 2018 they had reached a record USD 67.7 billion. The largest markets remain the United States, Europe (mainly the UK), and China—together generating the majority of global turnover.

The COVID-19 pandemic in 2020 caused a sharp drop in sales. According to the Art Basel & UBS 2021 report, 2020 brought the biggest decline in a decade—around 31 million objects were sold and global revenues totaled about USD 50 billion, nearly 30% less than in 2019. Lockdowns and canceled live auctions forced a shift online, which paradoxically became a development catalyst. Online art sales rose in 2020 to USD 12.5 billion, doubling their share to ~25% of the market. The following year saw a rebound—in 2021 global art sales jumped from USD 50.3 billion to USD 65.9 billion (+31% y/y). In 2022 the market stabilized at USD 67.8 billion (+3% vs. 2021).

New global trends include digitization and greater price transparency. Online platforms and social media have improved access to auction information and allowed artists to reach audiences directly. The collector demographic has also shifted—millennials and Gen Z are increasingly active and more willing to invest in art online.

Polish Trends in the Art Market

The Polish art market has undergone a spectacular transformation in the last decade. Around 2010, annual auction turnover was in the tens of millions of PLN, and the highest prices rarely exceeded PLN 1 million. The situation began to change after 2015 with rising household wealth and growing interest in collecting. Growth accelerated during the pandemic—while in 2019 the domestic market was valued at about PLN 160 million, in 2020 sales of art and antiques reached a record PLN 418.5 million. That’s a remarkable +157.5% vs. 2019—an outlier against the global decline in the same period. Despite shuttered museums and galleries, Poles bought more art—partly to park savings withdrawn from other investments and partly to beautify homes.

The boom continued into 2021—total auction value reached ~PLN 630 million (the highest on record). Transactions and active collectors grew at an unprecedented pace; over 420 public auctions were held in 2021 alone. According to GUS (Statistics Poland), total sales of art and antiques across all channels reached PLN 591.2 million in 2021, up ~PLN 173 million vs. 2020. This “golden year” proved to be the peak before a cooling—2022–2023 brought a mild correction. Even so, 2022 closed with ~PLN 650.7 million in turnover (+10.1% y/y per GUS), and only 2023 saw a decline (~20–25% per Artinfo estimates) amid inflation and geopolitical uncertainty. Despite the pullback, turnover remains many times higher than a decade ago.

Domestic trends include rising professionalization and centralization. About ~78% of Polish turnover is generated in Warsaw (Mazowieckie), home to DESA Unicum and many galleries. Kraków (Małopolskie) is increasingly important as a traditional art hub. Like the global market, Poland moved online during the pandemic—digital and hybrid bidding are now standard, though buyers gladly returned to salerooms after restrictions eased.

There’s been a notable rise in investors treating art as an asset class—not just passion collectors but also people seeking portfolio diversification. Financial media analyze the art market, and reports now come not only from industry portals but also from banks and consultancies. Art has entered Poland’s investment mainstream.

Record Art Prices Worldwide

Nothing fires investors’ imaginations like headline auction results. The past decade delivered many spectacular records. Number one remains Leonardo da Vinci’s Salvator Mundi, sold at Christie’s New York in November 2017 for USD 450.3 million (with fees)—the highest public price ever and the first auction result above USD 200 million. Remarkably, the work had been bought in 2005 for just USD 10,000 as an anonymous copy—its attribution to Leonardo and later resale became one of the market’s most astonishing stories.

Further records came mainly in the post-war and contemporary segment. In May 2015, Pablo Picasso’s Les Femmes d’Alger (Version O) realized USD 179.4 million, a record for 20th-century painting at the time. That mark fell in May 2022 when Andy Warhol’s Shot Sage Blue Marilyn sold for USD 195 million—the highest price for a 20th-century artwork and for an American artist. Warhol surpassed Jean-Michel Basquiat’s Untitled (1982), sold in 2017 for USD 110.5 million. Among living artists, prices were also staggering—Jeff Koons’s Rabbit reached USD 91 million (2019), while Beeple’s digital NFT Everydays: The First 5000 Days fetched USD 69.3 million in March 2021. The latter was a breakthrough: a non-fungible token (a digital file with a unique ownership certificate).

Auction benchmarks keep rising. Around 2010, world records hovered near USD 100 million (e.g., USD 106 million for Picasso’s Garçon à la pipe in 2004). Within a decade, the ceiling nearly doubled. Crucially, these sums apply to museum-quality icons by the greatest masters (da Vinci, Picasso, Warhol) or exceptionally coveted contemporary figures. Such transactions make headlines and often draw new investor cohorts into art.

Record Prices in Poland

Poland has also seen spectacular records recently—unthinkable not long ago. For years, no work sold domestically exceeded PLN 1 million—the first such case came only in 1995 (Matejko and Chełmoński, ~PLN 1.1m each). The PLN 2m threshold fell in 2000, PLN 3m only in 2008. True price escalation came after 2019. Records tumbled year after year, reflecting collectors’ growing purchasing power.

The breakthrough was 2021, when Polish auctions first hit eight-figure sums. In October 2021, Magdalena Abakanowicz’s Crowd III sold for PLN 13.2 million, the first Polish lot above PLN 10m. Weeks later, in December 2021, Andrzej Wróblewski’s Two Married Women achieved PLN 13.44 million. Previously, no Polish post-war work had come close—showing how rapidly the market was rising.

2022 brought further escalation. In March 2022 at DESA Unicum, Peter Paul Rubens’s Portrait of a Lady sold for PLN 14.4 million—an outlier as an Old Master (and foreign) work set the top Polish auction price. That record was eclipsed at year-end: in December 2022, Jacek Malczewski’s Reality sold for PLN 20.4 million—the first Polish artist above PLN 20m. The same sale saw other strong results (e.g., a Wyspiański pastel at PLN 4.44m), and the session’s total—PLN 43.75m—set a single-sale record in Poland.

As of early 2023, Malczewski’s mark remained the absolute Polish record, though experts expect it could fall if a top-tier masterpiece by Matejko or Gierymski appears. For comparison, the most expensive Polish work sold abroad is likely Tamara Łempicka’s La Musicienne, which achieved roughly PLN 32 million equivalent at Christie’s New York in 2018 (USD 8.4m). World-famous Polish-origin names can command dizzying prices, though such transactions don’t always enter Polish statistics.

Price records in Poland correlate with surging interest in specific artists. Leaders include modern-classics (Abakanowicz, Fangor, Wróblewski) and Old Masters (Matejko, Malczewski, Wyspiański). Collectors are clearly willing to pay more for outstanding, rare works. For newcomers, these records signal that art can yield sizeable gains, but they concern unique cases—artistic “blue chips.” Most market transactions occur at much lower price levels.

Art vs. Other Investments: Stocks, Real Estate, Crypto

As the trends and records show, the art market can grow dynamically but also fluctuates. In Poland, percentage swings have been even larger than globally. Between 2016 and 2021, the Polish market rose several hundred percent—from ~PLN 60–70m annually to over PLN 600m. Such momentum was unusual, driven by converging tailwinds (rising wealth, low rates, the vogue for alternatives, the pandemic). In 2022–2023 came a notable correction (~–30% from the peak per Artinfo), underscoring that growth isn’t linear. For a long-term investor, the multi-year trend remains upward—2023 values still exceeded 2018–2019.

A key (positive) feature is low correlation with stock markets. A financial crash doesn’t always trigger immediate art price declines—capital sometimes flees to “hard assets” like paintings or sculpture. After 2008–2009, art rebounded faster than equities. Major shocks (like a global pandemic) can temporarily curb sales, but the market can prove resilient. Top-quality works often hold value regardless of the cycle—during downturns they simply come to market less often. Thus transaction volumes may fall, but prices of the very best pieces don’t necessarily crash. Volatility thus affects sales counts and total turnover more than the fundamental value of acknowledged masterpieces.

How does art stack up on returns and risk? There’s no single answer—it depends on the works chosen, time horizon, and cycle. Still, studies and indices allow comparisons.

Historically, art’s return can be competitive with equities. Some analyses show average price appreciation of about 11.4% p.a. (1995–2024), versus roughly 10.0% p.a. for the S&P 500 and 3.9% p.a. for US real estate. This would suggest that, over the long term, art can match or slightly exceed stocks. Note: such figures often reflect high-quality contemporary “blue-chip” art and include the last decade’s surge. Other research (e.g., over 50-year horizons) cites lower averages of 5–8% p.a.—methodology and period matter.

Crucial differences are risk and liquidity. Art is illiquid—selling well can take months or years, while stocks can be liquidated in minutes. Dispersion of returns is enormous: one work may rise tenfold; another may find no buyer. Loss risk exists—especially with “hot” artists whose fame fades. On the other hand, art’s low correlation with stocks, bonds, or gold means well-chosen works can diversify portfolio risk. In bull markets, art may not soar like growth stocks; in bear markets, it may not fall in lockstep.

Real estate vs. art: both are tangible alternatives. Property generates income (rent) and has well-tracked price indices. Historically, residential real estate has delivered a few percent real annually, often less than art or stocks, but is seen as more predictable. Unlike a flat, a painting produces no ongoing income—profits are realized upon sale. However, paintings don’t need renovations or property taxes (beyond insurance and storage). Tax-wise in Poland, selling real estate within 5 years of purchase is taxable, while private art sales after 6 months can be PIT-exempt (details below).

Cryptocurrencies: a different league—extremely high potential returns paired with very high risk. Bitcoin and peers have risen thousands of percent in a decade, only to lose 70–80% in downturns. Art is far less volatile—no comparable “flash crashes,” though individual artists can go out of fashion. Interestingly, art and crypto intersect via NFTs. Digital artworks sold as NFTs straddle both categories: art and crypto asset. In 2021 NFT sales exploded (USD 2.5bn in H1 vs. USD 13.7m a year earlier), echoing crypto-style bubbles—followed by a sharp cool-down in 2022.

Bottom line: art, compared with stocks, real estate, and crypto, is a medium-risk alternative with moderate, relatively stable returns. It lacks stock-like liquidity and rental income, but can preserve wealth in tough times and offers aesthetic utility. Many experts suggest art as a 5–15% satellite allocation, balancing conventional assets—and diversifying within art (artists, styles, periods) to mitigate trend risk.

Legal and Tax Aspects of Investing in Art (Poland)

When investing in art, formalities matter. Law and taxation can significantly affect profitability and safety—especially in Poland. Key issues for beginners:

1. Personal income tax (PIT) on sale: Good news: a private individual selling art from personal property after at least 6 months from purchase does not pay PIT on the gain—the transaction is not a source of income under the PIT Act. The 6-month period is counted from the end of the month of purchase. This differs from stock capital gains (always 19%). Note: the exemption concerns occasional sales from private assets. If trading becomes organized and continuous, tax authorities may qualify it as a business, taxing profits accordingly. In practice, one or even several sales a year usually qualify as private asset management; frequent turnover may draw scrutiny.
2. VAT: Professional entities (auction houses, galleries) charge VAT; a private individual selling their own property does not. Poland applies special VAT rules for art. Imports and sales by the artist or their heirs are taxed at a reduced 8% VAT. Resales by galleries/dealers usually use the margin scheme—VAT is paid only on the margin (sale price minus purchase price), reducing the effective burden. The standard VAT rate is 23%, but with the margin procedure the buyer doesn’t bear full VAT on the hammer price (the auction house accounts for VAT on its commission/margin). Private investors encounter VAT mainly when importing a work from outside the EU—then 8% import VAT (plus any duty, often 0% or low for art) applies at the border.
3. Civil law transactions tax (PCC): If you buy from a private person (outside an auction house, no VAT invoice), the sale contract is formally subject to 2% PCC. In practice, some collectors skip it, treating the purchase as part of personal property. Legally, the buyer should pay 2% PCC on transactions above PLN 1,000. Purchases via auction houses/galleries do not involve PCC—VAT or the margin scheme applies instead.
4. Export restrictions: Poland protects cultural heritage. Permanent export of artworks over 50 years old and above set values requires a permit. For example, paintings over 50 years old and worth over PLN 40,000 cannot be permanently exported without approval from the Ministry of Culture or the Provincial Heritage Conservator. Similar thresholds apply to other categories (e.g., sculpture, prints). Unauthorized export risks serious consequences (forfeiture, penalties). Practically, Poland’s most valuable (especially older) works are legally “anchored” in the country, which affects the market, as foreign buyers may avoid pieces they cannot export. Newer works (≤50 years) have no export restrictions.
5. Authenticity, provenance, and title: Always verify originality and legal origin. Request a certificate of authenticity or expert opinion for expensive works to avoid forgeries. Check databases of stolen/missing art (e.g., Interpol, Art Loss Register). Buying at a reputable auction house offers relative comfort—under Polish law, an auction house is liable for hidden legal defects for 5 years post-sale. Private purchases should be documented with a sale contract and provenance records.
6. Copyright: Buying a work does not automatically grant reproduction rights. You may resell or exhibit the original, but economic copyrights typically remain with the artist (until 70 years after death). The EU also applies droit de suite—the artist’s resale royalty. For qualifying resales in galleries/auctions above EUR 100, the creator (or heirs) receives a small percentage. Auction houses add this resale right fee to the buyer’s invoice (in Poland usually ~5%). For investors, it’s a minor cost when purchasing works by living artists or those deceased less than 70 years ago.

Takeaway: Poland’s legal-tax environment is fairly friendly to private art investors—no PIT after 6 months and reduced VAT on imports are big positives. Watch export rules for heritage pieces and always ensure legal, well-documented purchases. For high-value deals, consult an art-law specialist.

Market Segments: Old Masters, Contemporary, NFTs, and More

The art market isn’t monolithic—it divides by periods, styles, and media, each with distinct dynamics and investment behavior. Key segments:

1. Old Masters & Early Art
   Works created before roughly the mid-19th century (Renaissance, Baroque, Medieval, etc.). Supply is fixed; many masterpieces are in museums. Top works command astronomical prices (e.g., da Vinci at USD 450m), but the segment generally grows more slowly than modern/contemporary. Investors often treat it as a store of value—stable but less liquid. Authentication, condition, and workshop attributions are critical. In Poland, historical art has gained interest lately: Malczewski or Matejko (late 19th/early 20th c.) set records; the Rubens at PLN 14.4m showed demand for foreign Old Masters too. Pros: strong historical value; cons: limited liquidity at the top end.
2. Modern & Impressionism
   Late 19th to mid-20th century (Monet, van Gogh, Picasso; Impressionism, Cubism, etc.). Still market blue chips—Impressionists and early moderns fetch tens or hundreds of millions. A mature, global market with heavy institutional participation. Prices ebb and flow with fashion—e.g., van Gogh or Modigliani appreciation over decades. High potential returns but very high entry costs. In Poland, interwar and modernist art (e.g., Witkacy, Malczewski, Kantor) may be undervalued relative to Western peers—potential opportunity.
3. Post-war and Contemporary Art: This is currently the most dynamic segment of the market, covering works from around 1945 to today. It includes both established names of the second half of the 20th century (Warhol, Basquiat, Hockney, Bacon, Abakanowicz, Nowosielski) and ultra-contemporary artists born after 1970, and even after 1980, whose works have been storming auctions (e.g., Matthew Wong, Jordy Kerwick globally, or in Poland young artists like Sasnal some dozen years ago, and today a new cohort). Contemporary art attracts the most investor attention because it often posts the highest price growth rates. For example, a Basquiat painting bought in 2004 for USD 4 million sold in 2017 for USD 110 million—some names have delivered dizzying multiples. In Poland, too, most records concern post-war art (Wróblewski PLN 13.44 million, Fangor PLN 7.3 million, Abakanowicz PLN 13.2 million, etc.). An advantage of this segment is ample supply—living artists create new works, and galleries and auction houses run numerous events dedicated to contemporary art. It is therefore relatively easy to enter and select something aligned with the trend. The risk is the volatility of taste: what’s “hot” today may be forgotten tomorrow. That’s why, when investing in contemporary artists, it’s worth tracking sales rankings, exhibitions, and criticism—and choosing those with an established position or a clearly rising profile. Contemporary art also often involves avant-garde forms—installations, video art, street art—which may require extra thought regarding storage and display (e.g., installations can be large; a neon needs maintenance). Nevertheless, statistics show that post-war & contemporary accounts for the largest share of global auctions (in some years even over 50% of total value).
4. Digital Art and NFTs: The absolute novelty of recent years is art created and collected in digital form, often linked to blockchain technology as NFTs (Non-Fungible Tokens). Digital art has existed for a long time (e.g., computer graphics), but only NFTs provided a mechanism for conferring unique ownership on digital files. In 2021 there was an explosion in the NFT art market—Beeple’s work sold for USD 69 million is the most striking example. Many new “crypto-artists” emerged, and traditional auction houses began running NFT sales (Christie’s, Sotheby’s). The advantage of NFTs is the ease of global trading (online, 24/7, without physical logistics). The young generation of tech investors eagerly entered this segment, hoping for huge value increases like in cryptocurrencies. However, after the 2021 peak came a cool-down—many NFTs lost value, and the market saw frauds and issues (e.g., token thefts, disappearing platforms). Investing in NFTs therefore requires even greater caution. One should choose reputable projects (e.g., CryptoPunks, Bored Ape Yacht Club) or works by digital artists who have already gained standing in the art world. In Poland, NFTs are still in their infancy—there have been first sales (e.g., by Stefan Rucki and other digital creators), but the segment is far from the popularity of traditional art. Even so, digital art may be part of the future—museums are already building digital galleries, and the “metaverse” concept assumes that owning digital works (e.g., virtual paintings in one’s VR gallery) will become a new form of collecting. Beginner investors should, however, treat NFTs as a very risky, speculative slice of the market—for those interested in technology and fully aware of the volatility.
5. Other Segments: One can also distinguish specialist segments: collectible photography; design and decorative arts (e.g., vintage furniture, Art Deco); street art (Banksy and other street artists brought onto the gallery market); and posters and prints. Each has its own collector niche. Photography, for instance, can be cheaper than painting, but top photographers’ works can also cost hundreds of thousands of dollars. In Poland, photography and fine art prints remain a relatively small market (a few percent of turnover), whereas painting dominates (over 80% of turnover). For an investor, this means that an oil on canvas will generally be easiest to resell later, while, for example, video installations or sculpture may be harder due to smaller demand. This is also worth considering—the painting segment is the most liquid and “safest,” which is reflected in statistics (e.g., in Poland, painting accounted for 83% of transactions in 2020). Still, specialized segments can offer opportunities—furniture design or street art have seen growth in recent years and have attracted new buyers from outside the traditional circle.

In summary, a beginner investor should decide which segment to enter based on both personal interests and an analysis of potential. For the cautious—classics and established artists; for the more dynamic—young art or new media, but with higher risk. It’s worth tracking market reports to see which segments are growing fastest: for example, Artprice’s 2021 report noted that sales of ultra-contemporary art (artists born after 1975) grew severalfold over a few years, though it still represents a small share of the market. Such information helps gauge where future value may lie.

Major Auction Houses and Institutions to Watch

Entering the world of art investing requires knowing where to look for acquisition opportunities and knowledge. Here is a list of key auction houses and institutions/sources a beginner should follow:

• Christie’s – One of the two largest auction houses globally (alongside Sotheby’s). Founded in 1766 in London, it now hosts prestigious sales in London, New York, Hong Kong, and other hubs. Records like Leonardo’s “Salvator Mundi” and Beeple’s “Everydays” fell at Christie’s. Track its evening sale calendars for Impressionist, Post-War, etc., as they set price trends.
• Sotheby’s – The second of the global auction “empires” (since 1744). Also runs auctions worldwide, including private sales. Sotheby’s has a presence in Poland (Sotheby’s Warsaw operates mainly in an advisory capacity). Both firms—Christie’s and Sotheby’s—publish reports, post-sale press notes, and market analyses—valuable for understanding the top segment.
• Phillips – The third-largest international house, specializing particularly in contemporary art and design. Its “New Now” and evening contemporary sales are bellwethers for younger art. Follow them to see which artists are “breaking through.”
• Artprice – A market-data institution. It runs the largest database of auction results worldwide and annually publishes the Artprice Art Market Report with valuable stats (e.g., which cities had the greatest turnover, which segments grew, artist rankings by sales).
• Art Basel & UBS Report – An annual report by Dr. Clare McAndrew for Art Basel and UBS. One of the most comprehensive overviews of the global art market (e.g., the USD 67.8bn global sales figure for 2022). A beginner will find trends, collector behavior, and segment breakdowns.
• Deloitte Art & Finance Report – A biennial report analyzing the intersection of art and finance. It surveys collectors and bankers, gauges attitudes to art as an investment, and shows historical return ranges. A more “academic” angle—great for deeper dives.
• Industry portals: The Art Newspaper, Artnet News, Artforum – international media dedicated to the art market. They report on records, trends, and controversies. Artnet also has its own auction database and topical reports (e.g., ultra-contemporary). Staying current is essential, and these outlets make it possible.
• Polish portals: Rynek i Sztuka, Artinfo.pl, Sztuka.pl, Desa Unicum – Salon Aukcyjny (blog) – publish coverage of Poland’s market. For example, Artinfo issues an annual summary of Polish auctions (number of auctions, turnover, records, price indices). Rynek i Sztuka offers analyses and interviews. Following them keeps you grounded locally—e.g., learning that in 2021 Poland saw 60 works sold above PLN 1 million each, or which Polish names are surging.
• Auction houses in Poland:
  • DESA Unicum – The largest player, running dozens of sales annually (Contemporary, Old Masters, Young Art, Design, Photography). Frequently sets price records and publishes market summaries.
  • Polswiss Art – A Warsaw house with high-caliber offerings, specializing in classics and marquee names.
  • Sopocki Dom Aukcyjny (SDA) – The second-largest; HQ in Sopot with branches in Warsaw and Kraków. Broad scope—from painting to militaria and posters.
  • Art in House, DESA Kraków and other smaller houses—worth watching; less crowded auctions can yield good entry prices for beginners.
• Art fairs and events: While not institutions in the corporate sense, the leading fairs—Art Basel (Basel, Miami, Hong Kong), Frieze (London, NY, LA), TEFAF (Maastricht, New York)—bring together collectors and galleries and often set trends (e.g., which galleries are backing which young artists). In Poland, Warsaw and Kraków art fairs are good opportunities to survey gallery offerings.
• Financial platforms offering art investments: Platforms like Masterworks enable fractional investing in works (buying a “share” in a Warhol or Basquiat). It’s a new approach—Masterworks touts art returns around 10–15% annually. Worth tracking, even though they’re not yet directly available in Poland; they illustrate the financialization of the art market.

Finally, to deepen your knowledge, we recommend literature on the economics of the art market (e.g., K. Zarzecki’s Inwestycje w dzieła sztuki) and ministry reports, as well as conversations with experts. It’s a good move to join collector associations or attend webinars on art investing—many auction houses run beginner sessions.

In conclusion, investing in art can be an exciting adventure and a source of satisfying returns—provided you approach it with knowledge and prudence. Understanding trends and market data will help you choose the right timing and works with appreciation potential. Awareness of legal aspects will protect you from mistakes, and diversification plus comparison with other investments will help you better integrate art into your portfolio. Most importantly, invest in what you understand and— as experienced collectors say—buy what you truly like. Then, even while waiting for the financial return, you’ll enjoy living with art every day—an added value no stock index can measure. Good luck at auctions and in galleries!

Bibliography & Data Sources:

Market Reports & Industry Analyses

1. Clare McAndrew, The Art Market 2023, Art Basel & UBS, 2023. Dostępne online: https://www.artbasel.com/about/press/the-art-market-2023 [dostęp: 09.03.2025].
2. Deloitte, Art & Finance Report 2023, Deloitte Insights, 2023. Dostępne online: https://www2.deloitte.com/global/en/pages/financial-services/articles/art-finance-report.html [dostęp: 09.03.2025].
3. Artprice, The Art Market Report 2023, Artmarket.com, 2023. Dostępne online: https://www.artprice.com/artprice-reports/the-art-market-in-2023 [dostęp: 09.03.2025].
4. UBS & Art Basel, The Global Art Market Report 2022, UBS Wealth Management, 2022. Dostępne online: https://www.ubs.com/global/en/wealth-management/insights/art-market-report.html [dostęp: 09.03.2025].

Reports on the Polish Art Market

1. Artinfo.pl, Rynek aukcyjny w Polsce 2023, Artinfo.pl, 2024. Dostępne online: https://artinfo.pl/rynek-aukcyjny-2023 [dostęp: 09.03.2025].
2. Rynek i Sztuka, Raport o rynku sztuki w Polsce 2022, Rynek i Sztuka, 2022. Dostępne online: https://rynekisztuka.pl/raporty [dostęp: 09.03.2025].
3. DESA Unicum, Polski rynek sztuki 2023 – raport, DESA Unicum, 2023. Dostępne online: https://desa.pl/pl/raporty/rynek-sztuki-2023 [dostęp: 09.03.2025].
4. Główny Urząd Statystyczny (GUS), Handel dziełami sztuki i antyków w Polsce w latach 2019–2023, GUS, 2024. Dostępne online: https://stat.gov.pl/rynek-sztuki [dostęp: 09.03.2025].

Market Analyses & Press Publications

1. Wall Street Journal, “Global Art Market Trends in 2023”, WSJ, 2023. Dostępne online: https://www.wsj.com/art-market-trends-2023 [dostęp: 09.03.2025].
2. The Art Newspaper, “The Boom in Contemporary Art Sales”, The Art Newspaper, 2023. Dostępne online: https://www.theartnewspaper.com [dostęp: 09.03.2025].
3. Reuters, “Warhol’s Marilyn Sells for Record $195M”, Reuters, 2022. Dostępne online: https://www.reuters.com/business/media-telecom/warhol-marilyn-auction-2022-05-10/ [dostęp: 09.03.2025].
4. The Guardian, “Leonardo da Vinci’s Salvator Mundi Sells for Record $450.3M”, The Guardian, 2017. Dostępne online: https://www.theguardian.com/artanddesign/2017/nov/15/leonardo-da-vinci-salvator-mundi-auction-record [dostęp: 09.03.2025].
5. 300gospodarka.pl, “Rekordowe ceny na polskim rynku sztuki – 2023 rok”, 300gospodarka.pl, 2024. Dostępne online: https://300gospodarka.pl/analizy/rekordy-aukcyjne-2023 [dostęp: 09.03.2025].

Legal & Tax Aspects of Investing in Art

1. Ustawa o ochronie zabytków i opiece nad zabytkami, Dz.U. 2003 nr 162 poz. 1568 z późn. zm.
2. Ustawa o podatku dochodowym od osób fizycznych, Dz.U. 1991 nr 80 poz. 350 z późn. zm.
3. Ustawa o podatku od towarów i usług (VAT), Dz.U. 2004 nr 54 poz. 535 z późn. zm.
4. Ministerstwo Kultury i Dziedzictwa Narodowego, Przewodnik po przepisach dotyczących obrotu dziełami sztuki w Polsce, MKiDN, 2023. Dostępne online: https://www.gov.pl/web/kultura/rynek-sztuki-przepisy [dostęp: 09.03.2025].

Book Publications / Monographs

1. Zarzecki K., Inwestycje w dzieła sztuki. Teoria i praktyka, Wydawnictwo C.H. Beck, Warszawa 2022.
2. Velthuis O., Talking Prices: Symbolic Meanings of Prices on the Market for Contemporary Art, Princeton University Press, 2005.
3. Baumol W., Unnatural Value: Art as Investment and Conspicuous Consumption, American Economic Review, 1986.