| Various artworks in the world has become increasingly popular and attractive as investment products after sub-prime mortgage crisis in 2008,which caused to decrease traditional financial investments and effected increase of investments on substitutes,artworks.With world art market continuing to grow,the Chinese art market is developing and attracting rapidly to the world's attention.The power of enthusiasm towards art and culture led to huge development globally with rapid growth of economy in China.The Chinese art field is developing dynamically through expansion of artwork markets internationally,including the rise of the artists,the expansion of the various museums,the growing number of galleries and Art biennales within the power of vertical growth in economy.According to Art Price,the Chinese art market share was only 7.2% in 2006 in the globe,however the expansion of market influence was rapidly increasing every year.So in 2010,Chinese art market gained first place and ranked the 33%,and it repelled 30 % of the U.S(Gallery transaction data was not included).Now,Chinese arts has established as a first leading market in the globe.Some Chinese artists receive immense attention and the artworks were traded for the very high price annually was followed by.The establishing the Chinese art market and growing price was attracted to study.Not only the artwork is an aesthetic influence to the economy but also potential investment products that could produce profits are huge attraction to the world.As a foreign perspective,I have been studying the cause of forming price in Chinese artwork market and quantitative research is used to analyze that the areas has not been identified in the existing other researches.The focus of this paper is not on a single piece of art or individual artists,but on a deeper analysis of the entire art market in China.This paper,between 2015 and 2018,is gained 5,149 auction dates for 7 leading Chinese painters whose conditions are matched on Artron.It is presumed that the high increase price in the Chinese artwork has its own distinctive reasons from others.So the reasons are categorized into two,internal and external.In the empirical analysis,the variable factor that might have in artwork itself is named Independent variable and the auction price is dependent variable.Hedonic Price Model is adopted for the study of the factors that affect to the forming price in Chinese artwork.The conclusion for this paper demonstrates that :(1)The Hedonic log-log function is reliable adoption compare to others,such as linear function,semi-logarithmic function,Box-Cox function;(2)Quantitatively calculated the size of artworks is important factor to its price as the bigger size priced expensively;(3)Every artists causes individual influence for the price of artwork;(4)Materials that used in artworks affect a significant role in price,canvases gain the highest premium,followed by traditional frame.But lazou and lithograph gain marked discount;(5)The top 6 auction company is an important factors that affect to the price of artwork;(6)Different auction place influences an important factors that affect to the Chinese art;(7)Different auction time causes differences in the price of artwork;(8)Art price index and the profits have calculated,and the result of the profit was poor;(9)As the increasing attention for the Chinese artwork including investment purposes,systemic analysis should be regarded adequately.So,scientific analysis and objectively reliable model should necessary for the reasonable price and eventually buying.Therefore this study will help to select the Chinese artwork with considerably reasonable price for the domestic and foreign buyers. |
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