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  Section Ⅱ Reading Comprehension

  Part A


  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


  Part A

  Text 1


  21. [答案] C词义理解题。这句的意思是"市场是非流动的",也就是说市场上艺术品的交换很困难。因此C正确。

  22. [答案] B细节理解题。 在文章的第二段里the Fine Art Fund指出,在艺术品投资上多样化通常会很合算。也就是说不同的艺术品有不同的价值。故B正确。

  23. [答案] B细节理解题。文章第一段第一句话就说:"当人们对未来有信心时,就会买当代艺术品;没信心时就会买古代艺术品。七十年代人们热衷于收藏当代艺术品肯定因为人们对经济前景持乐观态度。故B正确。

  24. [答案] C判断题。A不符合文章原意,因为纽约大学的两位教授只说在七十年代人们对当代艺术品的热情高于对古代艺术品。B是说建议谨慎投资者远离艺术品市场。也不符合文章原意,文章只是说艺术品投资风险大,并没有建议人们不要投资艺术品。C是说房地产是艺术品市场的晴雨表。作者在第三段里指出,最近的一项研究发现艺术品的价格与财产的价值紧紧连在一起,尤其是日本的土地价格。由此可判断C为正确选项。D是说艺术品投资者不应该在艺术品市场上做投机买卖。这一点文章也没有提及。

  25. [答案] D细节理解题。题干问Mr. Moses对投资当代艺术品所持的态度。在文章最后一段倒数第二句中,Mr. Moses说每年平均只能出现两位艺术家,其作品会随着时间而增值。也就是说投资当代艺术品风险很大。故D正确。

  21. By saying that the market is illiquid (Line 2, Para. 4), the author suggests that .

  [A] art works seldom lose their value in the market

  [B] investment in art does not have guaranteed return of profits

  [C] the difficulty to trade art works is obvious and evident

  [D] the art market tends to be responsive to the economic situation

  22. The Fine Art Fund advise that investors need to spread their art allocation because .

  [A] Old Masters always promise a high return of profits

  [B] different art works are valued differently in the market

  [C] buying art works is always a good way of investment

  [D] people should be aware of the risks of investment in art

  23. The returns on contemporary art indicate .

  [A] people have come to see the value of contemporary art

  [B] the economic prospects are positively assessed

  [C] there is a growing interest in alternative art investments

  [D] investors have learned to spread their art allocation

  24. We can learn from the text that .

  [A] the two NYU professors advise people against buying Old Masters

  [B] cautious investors are advised to stay away from the art market

  [C] the real estate market is a good indicator of the art market

  [D] art investors should not speculate in the art market

  25. What is the possible attitude of Mr Moses toward investing in contemporary art?

  [A] Investors in contemporary art should be more patient.

  [B] A supplicated analysis of the art market is always a must.

  [C] Contemporary art seems to promise greater returns of profits.

  [D] It is dangerous to speculate in the contemporary art market.





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