2014考研英语：基础阶段练习题(二)
Section Ⅱ Reading Comprehension
Part A
Directions:
Read the following four texts. Answer the questions below each text by choosing [A], [B], [C] or [D]. Mark your answers on Answer Sheet 1. (40 points)
Text 1
It is said that people buy contemporary art when they are confident about the future and old art when they are not. Conventional wisdom has it that older art holds its value, while contemporary stuff is for risk-lovers. William Goetzmann, a professor at Yale, estimates that during the last art-market depression, which set in after 1990, impressionist and contemporary works fell by most (51% and 40% respectively), while Old Masters suffered least (down by 16%). Yet despite the ups and downs, contemporary works have been rewarding for those who are prepared to hang on: according to Jianping Mei and Michael Moses, professors at New York University (NYU) since 1970 the returns on contemporary art have far exceeded those on Old Masters and 19th-century paintings.
Since the late 1980s, more sophisticated analysis of the art market and a growing interest in alternative investments have spurred the creation of several new investment funds focused on art. At a recent conference organised by one of these, the Fine Art Fund, Rachel Campbell of Maastricht University pointed out the low correlation between returns on art and on those other investments. Given that it usually pays to diversify, that is a good argument for investing in art, whatever your taste. The Fine Art Fund, which began buying this April (and has 36% of its money in cash), advises that investors spread their art allocation fairly evenly between Impressionists, Old Masters, modern art and contemporary works.
Contemporary art, in particular, has served rich investors well in the past few years. Prices stayed stable when stock markets fell. Nevertheless, one recent academic study has found a correlation with another asset class: during the last world art boom, in the late 1980s, prices were closely tied to property values, specifically Japanese land prices. After 1990, art and property fell together. Now property prices in several countries are once again at frightening heights.
Investing in art will always be a risky business. Works of art by definition belong to different categories; holding periods vary; the market is illiquid; art yields no income, producing only capital gain or loss; transaction costs are high. As for contemporary art in particular, it is a sobering thought that, according to Mr Moses, each year an average of only two artists emerge whose work increases in value over time. All this speaks against a big commitment to speculating in art; better, maybe, simply to buy what you like, if you can: treat your money, in other words, not as invested but as consumed.
Section Ⅱ Reading Comprehension
