Research On The Hedonic Price Indexes Of Chinese Contemporary Paintings

The art market is an important part of the culture industry. At present, millions of million people have joined in our art market, which pushed the turnover increasing fast. Especially, the auction market grew strongly during the past decade years, and became a vane of the art price.As a main part of the art market, the paintings'prices have being noticed by the art-lovers. So, it's very essencial to investigate the price condition as a direction.There are two methods we used to study the prices, the one is based on the qualitative analysis, which means those experts estimate the price of an artwork by comparing those of the similar ones; The other way we also used is to calculate the simple average price of some artist's paintings in a period, which gives us a curve to reckon the price in the future.Artwork is a typical heterogeneity product, which makes the overseas researches about its price have introduced hedonic price model. It's a quantitative technique. The researchers have got hedonic price indexes for some art genre or single artist.The research in China about hedonic index of art is still a vacancy. In this research, at first,the writer cards the development and condition of the hedonic price model; next, we anlysize the points of the painting market and the value of the artwork; the third, making use of the general hedonic price model and the current circumstance of Chinese art field and auctions, the writer tries to set up a hedonic price model of Chinese modern paintings. By this model and the data collected, we get the price indexes of these hedonic elements. The conclusions of this research are mainly about: (1)Hedonic price model working in the painting market was used to anlysize the whole market problem before 1990's. It was after 1990's, when the experts began to look into the single artist, and to improve the method; (2)Abstractly ahd quantitatilvely calculated that it is important to devide Chinese art into Chinese tradional painting and oil painting;(3)Quantitatively calculated that the area of the painting is the most important element to its price, the bigger the higher, however the marginal price decreases; (4) two of the auction companies in Shanghai affect the price of oil painting most, but affect the price of Chinese traditional painting least; (5) different themes make different influences to both kinds of paintings; (6) different trading and produce time affect the price too; (7) at last, the writer chooses two new hedonic elements:"generation"to represent the achievement and repute of those contemporary artists,and"place"to show the difficulty of the purchasers for the paintings. Then we mend the former formula of oil paintings by the new power. And the affection of the first variable is tested to be remarkable.Through the literature research, normative analyses and experiential anluses above-mentioned, the research work and conlusion of the thesie are innovative in academy on folling several aspects: (1)It is a trying to join hedonic price model with the research of Chiese painting market; (2) The research constructs the hedonic model, makes a quantitative study on the auction price of Chinese contemporary paintings,and surveys hedonic price indexes of these paintings quantitatively; (3)The research forecasts the market movement in the future quantitatively.