Research On The Marketing Of Art Products And Hedonic Pricing Method In Chinese Painting

With the improvement in personal income and material conditions, people enjoy the spiritual pursuit increasingly. As one of the spiritual products, the art products demanded by both consumers as well as investors. Consumers pleased by the arts products, but the investors pay more attention on profit, the later one becomes the mainstream of market gradually. It is demonstrated by the statistical data that the development of Chinese art market is transforming from the traditional collections to investment orientation since 2003. Governed by a mechanism of demand and supply in the market, running the market and pricing the products concern both the traders and researchers. In this paper, the evaluation of intrinsic value and the market influence of arts are studied, by employing economic theory, to explore the characteristics of the art market evaluation of the product prices; and adopted the characteristics price method to did the empirical research through three aspects of authorships, physical property, and marketing on the elements which influenced the evaluation of arts product. This paper proposes that, first, the price of the art products is determined by multiple factors, with the intrinsic value determined by its aesthetic, academic, historical and cultural properties, and the total price by the intrinsic value and the market recognization. Second, the art market recognized the value of art based on the characteristics of the market, such as market structure, trading patterns, the behavior of market participants and market efficiency. It is believed that the art market has a monopolistic and unbalanced nature, with the art prices affected by various market behaviors, and therefore has weak efficiency. Third, the art pricing is focused and difficult, though from the empirical point of view, the hedonic price method is a reasonable choice. For art pricing, this article focuses on the quantifiable characteristics of the art products, and especially studied the artwork of Chinese painting by using hedonic price method. It is found that the physical size of the products, and the popularity of the artists significantly affect the price of the painting. The research work applies economic theory to analysis of the nature and operation of the art market, and uses the hedonic price method in the art pricing, which tentatively shows the art market operation rules to determine the factors that influence the characteristics of art prices. It has a certain theoretical and practical potential contribution in this field.