Asher Edelman did a little back of the envelope calculating and came up with these figures:

A SHORT UPDATE ON THE ART MARKET
Versus the Stock Market

Over the last nine years (from the beginning of 2000 through the end of 2008) $1,000,000 invested in:

• The Dow Industrial Index would have been at year-end 2008 $780,211 or an annualized loss of (2.7%).
• The S&P 500 Index would have fallen to $614,894 or an annualized loss of (5.7%).
• The NASDAQ Composite Index would leave only $387,420 or an annualized loss of (10.0%).
• Artprice Global Indices (a composite of 19th Century, Modern, Post-War and Contemporary indices averaged) would now be worth $1,711,711 or an annualized positive return of 7.9%.

Though indices are imprecise and do not leave room for choice or judgment, the vast difference between art and equity securities is evident. Well chosen blue chip art has been a store of value in times of war, recession, depression and a leader in appreciation in times of inflation.

Asher B. Edelman