Research On Chiana’s Art Market Financialization

In this paper, case studies, econometrics and other methods are adopted, integrated theories of economics, finance, the arts and other relevant knowledge. dialectical analysis, Starting from the basis and the possibility of the Chinese art market financialization, focus on solving the factors that influence art prices and yields, and some rather suitable suggestions are made on a selective basis to assure the art market financiallization path.First of all, development of the theory of financial product innovation indicates that the financiallization of the Chinese art market has a solid theoretical foundation. From the perspective of three aspects of the government’s macro-level, industry level and micro-level, sum up the reality of the Chinese art market has been initially shown.Then, based on the principles of authenticity and authority of other reasons, this paper collect auction transaction data twice a year from2000to2011, at the same time, select the specific artists and auction houses. Build oil painting and Chinese painting hedonic price model for quantitative analysis of yield and impact of price factors. The results of the model showed that the products of the art integrity and artistic value, impact on prices mostly. The results also show that money has influenced on the price of oil paintings and Chinese paintings, indicate that the Chinese art market is more monetary-driven and with more financial features.Then, by comparative analyzing three paths, it indicates that art investment fund is a financial entry point of the Chinese art market. The same time, imperfect art market intermediary service institutions and the exit channels of works of art investment funds to ensure the development of the art investment funds healthily, and measures above would be able to accelerate the pace of Chinese art market financiallization. Finally, the suggestions from the legal system, market system, personnel system and institutional innovation system are made to support the development of financiallization.