共查询到20条相似文献，搜索用时 140 毫秒
1.
This paper proposes a price index for artists adjusted for the quality of the paintings, based on the ratio between the average market price and the average pre-sale estimate for paintings. We apply this methodology to a group of selected artists and schools presented in auctions worldwide in the period 1990–2001. A comparison with quality unadjusted and hedonic indices is also conducted.JEL Classification: C10, Z11 相似文献
2.
We analyze art pricing in a unique dataset on Madrid inventories between 1600 and 1750. We estimate a price index for the Spanish art market that is used for a general historical analysis of art during this period, showing a large increase in the real price of paintings during the XVII century. Then we examine the price differential between domestic and foreign paintings: At the beginning of the century domestic production was priced substantially below imported paintings, but the price gap was gradually reduced during the century. We argue that such a price convergence was not the fruit of variations in real exchange rate, relative supply or home bias, but was associated with increasing prices for the new domestic painters of the XVII century. Increasing remuneration for painting may have induced artistic innovations by domestic producers and created the conditions for the development of the Siglo de Oro of Spanish art. 相似文献
3.
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
4.
We study the art market in the Venetian Republic from 1550 to 1750 analyzing the determinants of the prices (adjusted for the cost of living measured by the price of wheat) of figurative paintings. Reputation of the painters, size of the paintings and other quantifiable factors affect prices as expected. Other relevant factors include the placement of the paintings (on altars, ceilings or walls), whose impact reflects differences in demand elasticities. We find evidence of the law of one price confirming price equalization between high and low demand geographical destinations and between different subjects. Finally, in a Schumpeterian perspective, we relate the temporal trend of the price of a representative painting with waves of artistic innovations, whose peacks were in the 1500s and in the 1700s with a dark Baroque age in the intermediate century. 相似文献
5.
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
6.
Ünsal Özdilek 《Journal of Cultural Economics》2013,37(2):203-223
Paintings are in essence about visual features of varying significance from which differences in their market prices originate. Studies normally investigate derivative sources of painting price determinants, which is reasonably understandable because the appreciation of an image is quite subjective. This paper provides an operational solution to the quantification of paintings based on a new concept termed as “visual autocorrelation” of prices (VAP). Considering the current empirical framework of spatial and temporal autocorrelation of prices, and using data on the paintings of two abstract expressionist artists, empirical results support the coherence of the VAP concept. 相似文献
7.
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: |
8.
Renato G. Flôres Jr. Victor Ginsburgh Philippe Jeanfils 《Journal of Cultural Economics》1999,23(3):191-208
In their paper on price comovements of paintings, Ginsburgh and Jeanfils show that in three important markets (London, Paris and New York), prices of well-known and lesser known painters 'move together' (are cointegrated). They conclude that therefore, an investor may be indifferent between the two groups of painters. We show that this is not the case, since well-known painters are less risky, and that though returns may be comparable, the share of well-known painters in a portfolio of paintings might be as high as 90%. We also construct long-run and short-run portfolios and show that these may be very different. These short-term portfolios give interesting insights which help in characterizing each of the three markets. 相似文献
9.
Calin Valsan 《Journal of Cultural Economics》2002,26(3):203-216
This study investigates the relationship between the market value of artand the nationality of the painter. A sample of modern and contemporaryCanadian and American paintings is analyzed using non-parametric testsand a hedonic regression model. The results show a significantrelationship between aesthetic painting characteristics, such as subjectmatter, and market valuation. In general, the price of Canadian art iswell below that of American art. Even after adjusting for paintingcharacteristics, Canadian paintings appear to be less expensive still.It is believed that Canadian painters looked at the Northern landscapeto define a national identity, thus playing to a limited audience, theonly that could relate to the beauty of the Canadian scenery. Thisprogrammatic approach could explain some of the aforementioneddifferences in market valuation. 相似文献
10.
Two basic approaches have been used by the literature focusing on the return to holding artistic works: the hedonic price model and the repeat-sales model. This paper provides a procedure for jointly estimating the two models in a way that take advantages of the unique information contained in each. A semiannual price index for Picasso prints is estimated by using a model derived from the basic framework of the hybrid models. The empirical results suggest that the hybrid model provides the most precisely estimated price index by reducing the level of price volatility.JEL Classification: C5, Z1p 相似文献
11.
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
12.
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
13.
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
14.
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
15.
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
16.
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
17.
Ligia Maria Moretto Emilio Francesco Orsega Gian Antonio Mazzocchin 《Journal of Cultural Heritage》2011,12(4):384
One set of samples from wall paintings of the Xth Regio of Italy containing green colours was analysed exploiting different spectroscopic techniques, aiming to identify the pigments used. The possibility to distinguish between glauconite and celadonite, the most common green pigments used in such paintings, was of particular interest. Samples of celadonite from Monte Baldo and glauconite from Belgium were considered as standard materials for comparison. The results obtained using FTIR, EDS, AAS, Colorimetry, Raman and EPR spectroscopies were compared for the identification of the green pigments. 相似文献
18.
《Journal of Cultural Heritage》2014,15(2):165-172
Zinc oxide nanoparticles were prepared and used for surface treatment of oil paintings painted on paper supports. The prepared coating mixture containing 2% of ZnO nanoparticles showed excellent transparency. The effect of coating on protecting the paper support and paintings against microbial attack by Trichoderma reesei and Aspergillus niger, dirt accumulation, and UV aging was studied. Coatings containing ZnO nanoparticles enhanced the durability of linseed oil-based paintings toward UV aging regarding the change in color. Coatings containing ZnO nanoparticles improved resistance to microbial attack when subjected to inoculums containing T. reesei or A. niger fungi. In addition, coatings containing ZnO nanoparticles reduced accumulation of dirt on oil paintings when left in open air for 6 months; cleaning of paintings was quite easy compared to the non-coated paintings or those coated with the varnish without ZnO nanoparticles. 相似文献
19.
《Journal of Cultural Heritage》2014,15(5):522-527
A new possible methodology for recognizing the nature of gypsum in artworks, in particular for wall paintings, was developed. Calcium sulfate can be an alteration product of the calcium carbonate, or a component used by the Artist himself; the problem of identification of the presence and the nature of gypsum could be found detecting the presence of strontium. This element could be used as a marker since, differently from the alteration form, in mineral gypsum simultaneous presence of calcium and strontium occurs. The correlation between these two elements may be recognized using non-invasive in situ X-ray fluorescence measurements. In the present work, we tested this occurrence in various mineral samples of gypsum and alabaster as well in tempera, fresco and Egyptian paintings. Considering the new possible role of strontium indicating the presence of natural gypsum, we expect to provide a valuable tool for conservation scientists, restorers and art historians. 相似文献