Date of Award
2026
Document Type
Dissertation
Degree Name
Master of Arts (MA)
Department
Art Business
Abstract
The volatility of commodities, such as oil, is well understood to reflect macroeconomic shocks, but less is known about how broader economic forces influence the performance of art. This study compares Andy Warhol print prices with West Texas Intermediate (WTI) crude oil, analysing both assets through a macroeconomic lens. Using data from 2000–2025, we examine annual returns, volatility, and risk-adjusted performance, and also assess correlations with the stock market. The results show that Warhol prints achieved higher average returns than oil or equities but with much greater volatility and pronounced boom-bust cycles. Major macroeconomic events – such as recessions, oil supply shocks, and the COVID-19 pandemic, coincide with sharp swings in both oil and art prices. However, the art market’s reactions often lagged or differed in magnitude, reflecting its unique inefficiencies and speculative dynamics. Warhol print returns exhibited only moderate correlation with oil and stocks, indicating potential diversification benefits. Overall, the evidence suggests that macroeconomic forces do impact the Warhol art market substantially, though high-end art retains distinct risk–return characteristics. This research provides insight into the risk profile of blue-chip art investments relative to traditional assets and informs investors about art’s role in a diversified portfolio.
Recommended Citation
Cassidy, Arseniy, "From Canvas to Crude: Volatility and Value of Andy Warhol Prints" (2026). MA in Art Business Dissertations. 2.
https://digitalcommons.sia.edu/ma_art_bus/2