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1.
Past studies on art investment generally have found that returns are low and risk is high. In this study we find that the return to art investment is more in line with traditional investments and thus the cost for consumption associated with art seems fairly small. Employing a large sample of paintings by 66 American artists sold at auction between 1971–1992, average returns are found to be over 9 per cent and 3 per cent in nominal and real terms, respectively. The model employs a log linear price regression estimated by pooled cross section and time series data, and allows rates of return as well as hedonic values for various painting and auction attributes to be estimated. These include size, media, age of execution, authenticity of the work, and auction month and house. In addition, rates of return are differentiated by artist, time period of investment, price range and genre of the painting. The findings indicate significant sensitivity of rates of return to these data stratifications.This paper was presented at the 9th international conference of the Association for Cultural Economics, held in Boston, May 8–11, 1996. 相似文献
2.
We survey more than twenty studies estimating rates of return of investments in single art objects and whole collections and evaluate the various approaches to art price movements taken so far. The majority of the estimates find lower returns for investments in art objects than for investments in financial assets. However, most existing analyses are restricted to auction data and neglect transactions cost and taxation. They partly focus on mechanistic calculations and disregard the distinguishing institutional and behavioral characteristics of art markets. We look into the possibilities to capture and empirically estimate psychic returns from owning art. 相似文献
3.
The article uses auction data collected from the eBay internet site to examine the effect of various parameters on number
of bids and selling price of art. The article further uses an insight from the auction literature to gather evidence about
whether art on eBay is purchased for consumption or investment purposes. The article argues that the evidence found of a positive
relationship between the number of bids and the final price suggests that art sold on eBay is not, in general, investment
art.
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4.
This article presents an empirical study of paintings that have failed to meet their reserve price at auction. In the art
trade, it is often claimed that when an advertised item goes unsold at auction, it will sell for less in the future. We have
constructed a new dataset specifically for the purpose of testing this proposition. To preview our results, we find that paintings
which come to auction and failed return significantly less when they are eventually sold than those paintings that have not
been advertised at auction between sales. These lower returns may occur because of common value effects, idiosyncratic downward
trends in tastes, or changes in the seller’s reserve price.
相似文献
| Kathryn GraddyEmail: |
5.
This paper updates prior work by Pesando (1993) regarding art as an investment. Using world-wide auction prices for Picasso prints for the period 1977 to 1996, this paper establishes that (1) a recovery in the art market did occur in the mid-1990s, but (2) the real rate of return on this segment of the art market remains low relative to its risk. Indeed, the real rate of return is beneath that provided by U.S. Treasury Bills. 相似文献
6.
In this note, 30,227 paintings by fifty well-known modern and contemporary Australian artists sold at auction over the period
1973–2003 are used to construct a hedonic price index. The attributes included in the hedonic regression model include the
name, age and living status of the artist, the number of works sold, the size and medium of the painting, and the auction
house, month and year in which the painting was sold. The results indicate that returns on Australian modern and contemporary
art averaged nearly five percent over the period with a standard deviation of sixteen percent. The results also show that
a ten percent increase in the Australian stock market is associated with a 3.4 percent increase in the art market. Generally,
artworks by artists deceased at the time of auction, larger works, works executed in oils, and those auctioned by Sotheby's
or Christies in July or August are associated with higher prices. 相似文献
7.
The impact of the <Emphasis Type="Italic">Droit de Suite</Emphasis> in the UK: an empirical analysis
The Droit de Suite, known in the UK as Artists’ Resale Rights, provides an artist with the inalienable right to receive a royalty based on the
resale price of an original work of art. This paper provides an empirical analysis of actual changes in the UK auction market
for art that is newly subject to the Droit de Suite (DDS) because of a change in law. All changes are measured relative to changes for art not subject to the DDS and relative
to changes in the auction markets for art in countries where there has been no change in law. We do a difference-in-difference
analysis, differencing price growth and sales growth across market segments and across countries over the period 1993–2007.
Our results suggest that the introduction of the DDS has not had a consistent negative impact on the UK art auction market
during the period of study. 相似文献
8.
Guido Candela Massimiliano Castellani Pierpaolo Pattitoni 《Journal of Cultural Economics》2012,36(4):289-308
In this paper, we present a model for the marketability of a Tribal artwork, and we test this model empirically using a unique hand-collected dataset, which comprises the worldwide Tribal art market auctions between 1999 and 2008. Our results show a significant relationship between the probability of an artwork to be sold and several signs and signals. The effect of the auction estimated prices on the probability of sales is nonlinear and allows us to divide the Tribal art market into two price regimes. In the low-price regime, the effect of the auction estimated price on the probability of sales is negative. In the high-price regime, the effect of the auction estimated price on the probability of sales is positive. 相似文献
9.
Albert Namatjira (1902–1959), Emily Kame Kngwarreye (c1910–1996) and Rover (Julama) Thomas (c1926–1998) are three of Australia’s best-known Indigenous artists. Each is known for one style of painting—Namatjira for watercolor on paper, Kngwarreye for acrylic (synthetic polymer) on canvas and Thomas for natural earth pigments on canvas. We estimate a sample selectivity model using data from the Australian Art Sales Digest to study the determinants of sales and the hammer price of artworks offered at auction from these artists. The results show that pre-sale information on the artwork and auction effects are significant and that the three artists studied are very different from each other. Thus, data should not be pooled when estimating these models. 相似文献
10.
David Yermack 《Journal of Cultural Economics》2017,41(3):215-235
I study “donor governance,” which occurs when contributors to nonprofit firms place restrictions on their gifts to limit the discretion of managers. In a study of US art museums, I find that this practice has grown significantly in recent years, and it represents the largest source of permanent capital in the industry. When donor restrictions are strong, museums shift their cost structures away from administration and toward program services, and they exhibit very high savings rates, retaining in their endowments 45 cents of each incremental dollar donated. Retention rates are near zero for cash generated from other activities. Restricted donations appear to stabilize nonprofits and significantly influence their activities, but they reduce management flexibility and may contribute to lower profit margins. Rising donor governance in US art museums may represent a reaction by contributors to the industry’s high rates of financial distress, weak boards of trustees, and large private benefits of control enjoyed by managers. 相似文献
11.
This paper proposes a price index for modern andcontemporary paintings based on estimates and auctionprices. We use this index for the evaluation of theItalian art market and for comparisons with returns onother assets. During the period 1983–1994 art pricesincreased in line with inflation but returns onpaintings were lower than returns on financial assets.In the long run art prices are unrelated to financialassets prices, but a positive correlation with realestate prices emerges. 相似文献
12.
Michael Beckmann 《Journal of Cultural Economics》2004,28(2):125-141
This article illustrates the determinants of bidder collusion using data from German auctions. Special attention is thereby devoted to the question at whether art and antiques auctions are particularly attractive for bidding rings as the conditions for rings to succeed may be quite favorable at these auctions. Cartel stability at art auctions, for example, may be enforced by the structure of bidders or the expected surplus from collusive arrangements. Actually, the estimations of a binary choice model show that even after controlling for determinants suggested by auction theory, art and antiques auctions turn out to be particularly susceptible to bidder collusion. 相似文献
13.
Douglas J. Hodgson 《Journal of Cultural Economics》2011,35(4):287-308
We conduct an empirical analysis of the effect on the auction price of a Canadian painting of the age of the painter at the
time of creation of the painting. We consider over two hundred artists, active over the entire history of Canadian art, who
are pooled in the estimation of a hedonic regression in which a polynomial function in age enters as a regressor along with
several other control variables. We consider the possibility that the age–price relationship has changed over time by: (a)
estimating separate age–price functions for three generational groups of artists—those born before 1880, between 1880 and
1920, and after 1920 and thus coming of age in the world of post-war ‘contemporary art’ and (b) estimating a parameterization
where the shape of the age–price profile is permitted to change continuously depending on the year of birth of the artist.
Our principal result is that artists born more recently tend to ‘peak’ earlier in their careers than those of previous generations. 相似文献
14.
Are Multiple Art Markets Rational? 总被引：1，自引：1，他引：0
We advance and subsequently test the proposition thatmarkets for fine art are rational, namely, that, inthe determination of price, traders make use of allrelevant art historical and critical information, asrevealed by hedonic content analysis, as well as allinformation on authenticity of the works offered forsale. If true, the proposition has consequences forpublic policy. Museums optimize choices among art historicallysignificant authentic paintings distributed asstochastic rare events in the tertiary market for art. Such paintings have few, if any, art historicallyequivalent substitutes, causing the demand for suchworks of art to be extremely inelastic. Museums tendto buy at the top of the information curve; payingprices which exceed market averages for similar art. As a result, society pays the cost of institutionalrisk aversion. In contrast, collectors often purchaseart before all art historical information is complete,and often earn a reward for assuming a risk due toincomplete information (Singer, 1991; Pomerhene, 1994).Collectors who can borrow to accumulate the highestcategory art can consume the services of their artcollection at zero cost. Stochastic transferfunctions fitted to time series of sales volume at thetwo top international auction houses confirm thehypothesis that the highest category of art is a quasisubstitute for financial instruments (liquid wealth). 相似文献
15.
Corinna Czujack 《Journal of Cultural Economics》1997,21(3):229-247
We examine the market of Picassopaintings sold at auction between 1963 and 1994. Using the hedonic regression method we test whetherand in which way dimensions, materials used,signature, where and by whom the art work was sold,the catalogue raisonné number, working periods,exhibitions and provenance play a significant role inthe determination of the price. We find that manyfolk-assumptions are not supported by the data athand. 相似文献
16.
We analyse determinants of prices for contemporary art with the help of quantitative data. The focus is on gallery rather than auction prices in the Netherlands. We model the determinants of prices on three different levels: the work of art (size, material), the artist (age, sex, place of residence, institutional recognition), and the gallery (location, institutional affiliation, age). Our main findings are that the size and material of works of art, and the age and place of residence of the artist are strong predictors of price; that differences in size and materials partly ``mask' price differences between artists; and that the variance in prices across galleries is largely explained by characteristics of the artists they represent. 相似文献
17.
Pierre-Charles Pradier François Gardes Xavier Greffe Ileana Miranda Mendoza 《Journal of Cultural Economics》2016,40(4):453-485
The market for autographs has become more open to international buyers since 1990. Our data set features a large sample of store and auction sales for selected authors every 5 years from 1960 to 2005. The estimation of a hedonic price function shows that page count, type of author, date and type of the document conditionally to author explain more than three quarters of the price differences. The apparent price of autographs increased by 7.7 % per year during the period, while the hedonic price index increased by 7.9 % on average. With a supply function responsive to market valuation, as well French autograph prices seemingly showing trend similar to art market index, the French autograph market has become more integrated in the global art market. 相似文献
18.
We use prices realized for Picasso prints at auctions worldwide, as well as the 100 prints that comprise his Vollard Suite,
to test the law of one price: the proposition that identical art objects sold contemporaneously should command the same price
regardless of the auction house or geographic region where the sale takes place. Picasso is the most prolific printmaker of
the twentieth century and, from 1977 to 2004, his prints appreciated in price significantly faster than the prints of modern
masters as a whole. We find that Picasso prints sold in the United States command higher prices than in Europe. However, prices
realized at Sotheby’s in New York are no longer higher than at Christie’s in New York, nor at Kornfeld than at other auction houses. We find evidence of “irrational exuberance”
in the transitory nature of the extraordinary prices realized for the Picasso prints included in the 1997 sale of the collection
of Victor and Sally Ganz at Christie’s in New York. More generally, we find substantial noise in auction outcomes, a result
well known to savvy auction goers.
相似文献
| Pauline M. Shum (Corresponding author)Email: |
19.
Joonwoo Nahm 《Journal of Cultural Economics》2010,34(4):281-297
This paper examines the price determinants of paintings in the Korean art market in the context of a hedonic price regression
to investigate whether the hypothesis of the modified unit pricing system holds for the pricing of Korean modern and contemporary
paintings. Using Korean auction data, I show that the parametric results provide overwhelming evidence that Korean art pricing
does not function in accordance with the modified unit pricing scale. However, I re-examine this hypothesis using a semiparametric
partial linear regression that does not require the prespecification of a functional form prior to estimation. Rather, the
semiparametric approach allows the data to determine the exact form of the size-price profile. This result confirms that the
modified unit pricing system applies to the Korean contemporary and modern painting market. 相似文献
20.
Within a hedonic pricing model, the preferences of Australian art purchasers are investigated. Emphasis is placed on the impact of an artwork’s dimensions upon its auction price. A salient aspect of this is the first test of the ‘golden ratio’ hypothesis in a market situation. It is concluded that purchasers prefer paintings that deviate from the golden rule. The ‘orientation’ of works (portrait, landscape or square) as well as size also helps determine price. The impact of winning the Archibald portraiture prize (Australia’s foremost art prize) is found to have significant and positive impacts on winning artists’ prices. This suggests that purchasers are not fully informed. In addition, a previously unsuspected relationship between artwork dimensions and Archibald prize winners was found. As well as purchasers’ preferences, the artists’ choices of the dimensions of their artworks are considered. 相似文献