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1.
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   

2.
Art, along with other “treasure assets,” has become a central object for investment opportunities. Investment return studies using hedonic and resale price regressions on different artistic periods and styles produce estimates of varying rates of return, predominately low rates with high standard deviations. The present study employs a new sample of American art sold at auction between 1987 and 2011—art created before 1950 by 33 artists born prior to 1900. Our study, unlike those that preceded it, considers works that are no-sales (those “bought-in” for failing to sell at auction at or above a predetermined and negotiated minimum price), in addition to full transaction costs—buyers and sellers premia on hammer prices. We conclude that investment return calculations are biased upward and may be negative when these factors are considered and that the “consumption utility” of art may be higher than previously thought. However, using a variant of the capital asset pricing model, we find that investment in early American art may still be desirable in a diversified portfolio of assets for when the price of stock assets falls, the price of art does not fall in the same proportion.  相似文献   

3.
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   

4.
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.   相似文献   

5.
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   

6.
This paper applies a perpetual option-pricing model in examining historical returns on paintings. A key development of the paper is formalizing a structural relationship between rational investment decisions and historical returns to art ownership. In this regard the options’ framework yields choice-theoretic implications on the relationship among risk, convenience yields from art ownership, and investor ‘hurdle prices’—prices triggering the purchase and sale of artworks at auction. The methodology offers testable implications concerning the adjustment dynamics in the relationship between historical art returns and risk-free yields. The implications are examined in a case study of paintings of major art schools using error correction methodology. We find evidence of a long-run equilibrium relationship between painting types and risk-free bond yields, and some indication of buyers and sellers preferring exchange environments not prone to “speculative resales.”
Carlos A. UlibarriEmail:
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7.
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   

8.
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.
Kathryn GraddyEmail:
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9.
This paper analyses the performance of an investment in sculpture during theperiod 1987–1995 by applying the hedonic price technique with time dummyvariables to a sample of over 27,000 sales at auctions. The main finding isthat the adjacent year price index differs substantially between theinexpensive/middle portfolio and the expensive portfolio. The first showsthe existence of a boom period until 1990, followed by a non boom period. Bycontrast, the return of an investment in the expensive portfolio performedsomewhat better during the period analysed, with the only fall in the priceindex in 1990 and 1991.  相似文献   

10.
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   

11.
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   

12.
This paper analyses the performance of a speculative investment in paintings during the period 1987–1995 by applying a modified repeat sales technique to a sample of 1446 repeat sales. Since this period is characterised by a boom and a non-boom sub-period, a price risk term is introduced to estimate influences that only affect a painting's value upon its sale, by isolating shocks that can cause realised returns to stray from expectations. The main finding is that from 1987 to 1991 an investment in paintigs performs well if compared with alternative forms of investment, such as U.S. stocks, U.S. 30 year government bonds and gold; by contrast, from 1992 to 1995 returns are lower, with the exception of 1993.  相似文献   

13.
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   

14.
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   

15.
The Impact of Museum Purchase on the Auction Prices of Paintings   总被引：1，自引：1，他引：0  
This study examines how art museumspurchasing policy influences the auction prices ofpaintings. Using a cross section of non-speculativetransactions during the period 1820–1970, we findconsiderable empirical support for the hypothesisthat public museums outside the U.S. pay above averageprices in auction markets providing higher thanaverage yields to private sellers. The typical U.S.private museums appear to be more restricted byfinancial constraints and the development of thegeneral economic conditions than their publiccounterparts.  相似文献   

16.
The binding media of the polychromy of Qin Shihuang's Terracotta Army   总被引：2，自引：0，他引：2  
The “Terracotta Army” is a worldwide known archaeological finding in China. It is a part of the burial complex of the emperor Qin Shihuangdi (259–210 BC), which is still under excavation and study. The fact that the sculptures, chariots and weapons of the First Chinese Emperor's Terracotta Army were originally all painted in bright colours is still not widely known. The chemical characterisation of the paint medium was performed through an analytical procedure based on GC-MS. The proteinaceous binder was identified for the first time through a desalting procedure used in proteomics. The identification of egg as a paint binder is extremely interesting in terms of the historical significance of the work of art itself and important in terms of the method of conservation. Moreover it represents one of the first steps towards an understanding of the painting technique used on ancient sculptures in China, of which – despite their fame – nothing is yet known.  相似文献   

17.
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 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   

19.
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   

20.
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.
Pauline M. Shum (Corresponding author)Email:
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