Technology stocks have taken a deep dive, blue-chip stocks are ailing, stablecoins aren’t stable, and don’t even ask about traditional crypto. Art markets, however, are alive and well — and it’s worth asking why. Anyone else notice a pattern? The vigor of the art market may seem counterintuitive, but it makes sense in the current environment.

科技股大跳水，蓝筹股萎靡不振，稳定币并不稳定，就更别说传统加密货币了。然而，艺术市场却欣欣向荣——值得问问个中原因。有人注意到其中的模式吗？艺术品市场的活力可能看起来有悖常理，但在目前的环境下也有一定的道理。

First, savings are still high due to stinted consumption from the pandemic. And many of the wealthy have been buying additional homes and wish to furnish them with art. Second, the recent run-up in inflation rates around the world has intensified the search for hedges. There are few true inflation hedges, and crypto now has been knocked out of that role. But art can serve as an inflation hedge in almost any environment.

首先，由于疫情导致消费陷入停滞，消费者的储蓄水平仍然很高。许多富人一直在购买额外的房产，并希望用艺术品来装饰它们。其次，最近世界各地的通货膨胀率上升，加剧了人们寻找避险资产的进程。真正能对冲通货膨胀的资产很少，加密货币现在也被证明无法真正地对冲通货膨胀。但是，艺术品几乎可以在任何环境下，都可以作为通货膨胀的对冲投资品。

Art gives its owners the pleasure of looking at it on their wall, and no rate of inflation can take that away. It is both an investment and a form of consumption, and the latter is quite protected against any macroeconomic conditions. When all else fails, spending money is one surefire inflation hedge. Art also happens to be a durable asset, so the expenditure is not entirely wasteful.

艺术品的所有者看着墙上的艺术品就会感到快乐，不管通货膨胀到什么程度，都无法夺走这种乐趣。它既是一种投资，也是一种消费，而后者在任何宏观经济条件下都能受到相当程度的保护。当其他一切方法都失败时，花钱是对冲通货膨胀万无一失的方法。艺术品也恰好是一种持久性资产，所以这种消费并不完全是浪费。