23考研外刊阅读《华盛顿邮报》双语精读版训练-为什么艺术品是最能升值的投资？

23考研外刊阅读《华盛顿邮报》双语精读版训练-为什么艺术品是最能升值的投资？ _法硕考研培训

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中国高翻团队倾力之作

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小贴士：

补充第一段stablecoins的背景知识：Stablecoins are cryptocurrencies the value of which is pegged, or tied, to that of another currency, commodity or financial instrument. Stablecoins aim to provide an alternative to the high volatility of the most popular cryptocurrencies including Bitcoin (BTC), which has made such investments less suitable for wide use in transactions.

——大橙子留

上期翻译答案

In other words, older women who completed fewer than half of the mythic 10,000 daily stepstended tolive substantially longer than those who covered even less ground.

换句话说，与那些走得很少的人相比，将传闻中的1万步目标完成了不到一半的老年女性的寿命可以明显长很多。

1.cover: to travel the distance mentioned

《本期内容》

双语阅读

Technology stocks have taken a deep dive, blue-chip stocks areailing, 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 tostintedconsumption 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 beenknocked outof 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 inflationhedge. 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。

Art isn’t always about the enjoyment of the buyer. Many art collectors, especially in the upper tiers of the market, keep their art in tax-free storage and use it to make questionable donations to charity, “flip” it for a fast profit or resell it on the “gray market.” I don’t approve of these methods, but they too can be lucrative in a volatile market where valuations are more subjective.

艺术品并不总是只关乎买家的享受。许多艺术收藏家，特别是在上层市场中，把他们的艺术品放在免税的仓库里，别有用心地把艺术品捐给慈善机构，“快速转手”从而快速获取利润，或者在“灰色市场”上转售它。我不赞成这些方法，但在估值更加主观的动荡的市场中，这些方法也能带来丰厚的利润。

Many art sellers suggest that artworks bring a highpecuniaryrate of return. Don’t be fooled. Too often these calculations are based on “survivorship bias” — that is, the artworks that continue to appear in theauctionrecords are the above-average performers. There is less data on the losers. The best estimates suggest that, over the long run, artworks have less price appreciation than equities.

许多艺术品卖家认为，艺术品会带来高额的金钱回报率。不要被愚弄了。翻译划线句，长按文末小程序码打卡，答案下期公布~输家的数据往往更少。最准确的估计表明，从长远来看，艺术品的价格增值比股票少。

本文节选自：The Washington Post（华盛顿邮报）

发布时间：2022.05.20

作者：Tyler Cowen

原文标题：Art Is an Investment to Appreciate

词汇积累

1.ail

音标/eɪl/

v. 困扰，使苦恼; (使)患病，(使)不适

2. stint

音标/stɪnt/

n.节约；定量；从事某项工作的时间；有限供给，有限的努力