信贷危机使红酒和艺术品投资升温
<span class="Apple-style-span" style="font-family: 宋体; font-size: 13px; line-height: 15px; "><h1 style="font-family: arial, helvetica, sans; font-size: 24px; color: rgb(70, 70, 70); border-bottom-style: none; line-height: 1; margin-top: 0px; margin-bottom: 6px; margin-right: 0px; margin-left: -1px; font-weight: bold; border-top-style: none; border-right-style: none; border-left-style: none; border-width: initial; border-color: initial; ">信贷危机使红酒和艺术品投资升温</h1><div style="text-align: left; "><font class="Apple-style-span" color="#555555" size="3"><span class="Apple-style-span" style="font-size: 11px; "><br/></span></font></div><div class="linebreak" style="clear: both; height: 1px; overflow-x: hidden; overflow-y: hidden; margin-top: -1px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 1px; "></div><div id="resizeableText" style="overflow-x: hidden; overflow-y: hidden; margin-top: 12px; font-size: 17px; "><span id="midArticle_start"><div class="inlineRelatedContent" style="float: left; margin-right: 12px; width: 192px; "><table cellpadding="0" cellspacing="0" border="0" style="float: left; "><tbody><tr><td id="articlePhoto" valign="middle" align="center" class="articlePhoto" style="width: 192px; height: 155px; background-image: initial; background-repeat: initial; background-attachment: initial; -webkit-background-clip: initial; -webkit-background-origin: initial; background-color: rgb(240, 240, 240); "><a href="javascript:launchArticleSlideshow();" style="color: rgb(0, 90, 132); text-decoration: none; "><img src="http://cn.reuters.com/resources/r/?m=02&d=20080303&t=2&i=3381154&w=192&r=img-2008-03-04T071323Z_01_NOOTR_RTRMDNC_0_ChinaS-7160-1" border="0" alt="Photo"/></a></td></tr></tbody></table><font class="Apple-style-span" color="#333333" size="2"><span class="Apple-style-span" style="font-size: 10px; line-height: 8px; "><br/></span></font><div><div class="NONE" style="margin-bottom: 0px; "><div class="linebreak" style="clear: both; height: 1px; overflow-x: hidden; overflow-y: hidden; margin-top: -1px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; font-size: 1px; "><br/></div></div></div></div></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">路透社伦敦电（记者Clara Ferreira-Marques）--- 金融市场的动荡可能使投资者对股票和地产的兴趣减弱，但对非传统项目的投资热情则急剧上升。投资于艺术品和红酒的资金规模正在上升，将兴趣爱好和高回报紧紧联系在了一起。<span id="midArticle_byline"></span></p><span id="midArticle_0"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_1"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">经济低迷常常自然地伴随着投资不旺，但行业观察家们认为信贷危机不会让所谓的“兴趣投资（investments of passion）”--艺术品、红酒、收藏品--受到损害。相反地，它会让投资者们意识到购买受股票、债券影响较小的投资品，以抵消主流资本和信贷市场风险的必要性。</p><span id="midArticle_2"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_3"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">投资一幅毕加索的画，一箱狄康堡红酒(Chateau d'Yquem)或是稀罕的1961年份波尔多(Bordeaux)葡萄酒已非新鲜事：几个世纪来，富豪们一直热衷于用名画装饰餐厅、用红酒充实酒窖。</p><span id="midArticle_4"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_5"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">但是过去十年中，专门投资经理的出现为“兴趣投资” 引入了高深的金融技巧，兴趣投资主体的范围扩大到了被价格上升吸引来的机构投资者，每年的收益能达20%或40%。</p><span id="midArticle_6"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_7"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">例如，2007年，英国《金融时报》蓝筹股指数上涨了不到4%。而在伦敦国际葡萄酒交易所（Liv-ex）——独立的高档红酒交易和转让平台——指数则上涨了超过40%。正在装运的2005年波尔多酒行情则更是看涨。</p><span id="midArticle_8"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_9"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">红酒投资基金(Wine Investment Fund)负责人，该部门最大的投资者之一，拥有3,500万英镑（6,900万美元）投资款的安德鲁・德拉・卡萨（Andrew della Casa）透露：“越来越多的人把红酒看成是一种资产。人们发现红酒的与股票和证券关联较小，同时还有基金经理帮助他们获取收益。”</p><span id="midArticle_10"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_11"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">他还表示，经济低迷更能让人们发现替代型资产的灵活性和抗风险能力。</p><span id="midArticle_12"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_13"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">卡萨接受路透采访时表示：“对投资机构而言，信贷危机使得他们对红酒市场的投资从观望变成现实的想法。因为现在他们没有更多的投资选择，他们可能就下定决心投资了。”</p><span id="midArticle_14"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_15"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">分析人士认为，在金融市场急剧衰退时期，艺术品和红酒投资将会像奢侈品投资一样惨淡，卡萨还是坚持认为红酒市场核心需求较为稳定。</p><span id="midArticle_16"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_17"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">他表示，俄罗斯，中国和其他地方正在兴起的中产阶级对红酒的需求刺激了价格的上涨，“人们都说由于之前价格上涨得太惊人，接下来就只有下跌了。但事实并不是这样---美国和欧洲对葡萄酒有较固定的静态需求，即使经济持续低迷，我们还是能比其他资产投资表现更好。况且这只是‘即使’，经济不会一直低迷下去。”</p><span id="midArticle_18"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_19"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">大部分参与红酒拍卖的投资者都是在酒窖里屯了很多美酒的行家，但是数目正在增长的少数投资者却是只在几种重要的红酒上下赌注。本月初，克里斯蒂拍卖行（Christie's）的一个买家以3.22万英镑的价格买下一瓶“贝特鲁酒庄”（Chateau Petrus Vintage）1982年份的葡萄酒。那一场也是迄今为止该拍卖行最成功的拍卖会之一。<span id="midArticle_byline"></span></p><span id="midArticle_0"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_1"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">艺术投资，投资的艺术</p><span id="midArticle_2"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">人们对艺术品的兴趣也在升温。佳士德拍卖行本月还以2,630万英镑(5,200万美元)的价格卖出一幅弗朗西斯・培根（Francis Bacon）的三联画，创下战後欧洲艺术品市场交易价格的最高纪录。</p><span id="midArticle_3"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_4"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">意大利Advanced Capital基金管理公司首席执行官罗伯特・托梅（Robert Tomei）已经发起了他的第三个艺术基金会，他说： “互联网经济泡沫破碎并没有影响到艺术市场。尽管遭遇信贷危机，但目前艺术品市场情况依然欣欣向荣。”</p><span id="midArticle_5"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_6"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">管理着1.5亿欧元的Advanced Capital基金公司和艺术品经纪人西蒙・普瑞（Simon de Pury）将一道关注当代艺术，摄影和设计，希望能像过去的投资一样获得20%的年回报率。</p><span id="midArticle_7"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_8"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">但无论是投资艺术品或红酒--或者其他任何一种“替代型资产”，包括私募基金和对冲基金--都不能在经济低迷时期具有绝对的免疫力。</p><span id="midArticle_9"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_10"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">伦敦国际葡萄酒交易所负责人詹姆斯・迈尔斯（James Miles）说：“投资红酒并非万能药，你必须睁大眼睛。在经济市场长期混乱的局面中，红酒的价格会下降。但是这一下降不像债券、股票、地产市场那样，前景看上去仍很强劲。”</p><span id="midArticle_11"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_12"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">像其他“替代型资产”一样，艺术品和红酒投资的风险比其他流动性较小的市场要高--尽管基金经理说他们已经努力排除了风险，例如集中投资较有把握的艺术家或者红酒。</p><span id="midArticle_13"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_14"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">Advanced Capital公司的托梅在接受采访时说：“如果你关注我们的工作，你会发现，（投资艺术品市场）损失不会超过10%。这是因为艺术品有其内在价值。艺术品不会‘烧钱’，它不是互联网公司。”</p><span id="midArticle_15"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_16"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">“如果你以并非投机的价格买一位事业稳定的艺术家的作品，它就是真正的资产，可以保护你免受经济衰退的影响。”</p><span id="midArticle_17"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_18"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">红酒投资基金会也采取了类似的方法以降低风险。如只投资已经装瓶的红酒，而非传统的尚未装瓶的期酒（en primeur），并且只投资顶级的波尔多红酒，因为它是红酒市场上流通性最高的。（完）</p><span id="midArticle_19"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "><span id="midArticle_byline"></span></p><span id="midArticle_0"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; "></p><span id="midArticle_1"></span><p style="line-height: 1.3; font-family: verdana, helvetica, sans; margin-top: 0px; margin-right: 0px; margin-bottom: 1em; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; ">翻译：吴湘 发稿：王丰</p></div></span>
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