Art Features, Artists And The Auction House To Painting Auction Price Impact Study

Under the background of Chinese aim to develop cultural industries, and with the art market which has been maintained high heat, the study of art prices have become more and more important. Lack of relative research, especially blank for the quantitative study of domestic art market, have hindered the healthy development of the art market.This paper first introduces the development status of the domestic and international art market, and then we introduce their respective pricing methods. According to the auction data of Chinese painting market (Yachang art website), we select three levels of the corresponding attribute variable, that is, works, artists and auction. Then, we use the Hedonic multi-level progressive model to do empirical analysis of domestic realist and abstract painting market prices.We have got some expected conclusions by market knowledge, and we finally found the evidences of the expected conclusions from the regression data. Such as pricing by size has its intrinsic rationality and imperfect, there are significant price levels to distinguish between different styles of paintings, painting auctioned by top auction shop has significant premium, and the increase in the number of auctioned works have a significantly positive effect to price. But at the same time, we have got some conclusion out of expected. For example, the abstract artists living in China have price premium over abstract artists living abroad. There is no advantage of the auction shops that set up earlier, comparing to auction shops that set up later. Interestingly, in the process of analysis, we also get some other conclusions by accident. Such as the career pinnacle of abstract and realist are different. Abstract artists can reach the career pinnacle in the prime of life (30-50), whereas realist artists reach the career pinnacle later in the life (over50-year-old), since they need accumulate more career experience.The main innovations of this paper are listed below:1) The quantitative research to auction price of domestic oil painting market have found many supporting evidence to the market status of domestic realistic and abstract painting.2) We use the three-level models, that is work level, the artist level and auction institutional level, to do respectively analysis and comparative analysis, and finally we find many market "invisible" rules. 3) We give the rating of auction shops as the real status of them according to industry insiders, and we achieve excellent results that the top auction shops have large price premium space to oil paintings.The inadequacy of this paper is that the multi-level model has not been fully developed and the explaining variables are not rich due to non-ample of data.