A Study On The Anchoring Effect Of Bid Price In Collection Market Of Chinese Calligraphy And Painting Art

Anchoring effect is a bias when individual making quantified estimates or judgement from first impression or the impact of historical information,this is the so-called “anchor and adjustment”.In behavioral economics,the anchoring effect mainly refers to the price anchoring effect.For the price of Chinese calligraph and painting art,the anchoring effect is also widespread, It refers to the bias effect to the final price when regard the real price of the artwork in the market as a anchor in the auction process. At present, the art market can be divided into two categories,:consumer market and collection market. The former is more common in Paris and New York galleries, antique shops, in the form of goods to buy in the market. The latter is a market which demand is far greater than the supply, the vast majority of art can only be traded through the auction. Chinese collection market has been formed since ancient times, the main collection include Chinese calligraphy and painting,ceramics, jade, etc., they are hedonic commodities,and among them, calligraphy and painting is the most representative. Therefore, the scope of this paper is for anchor effect of art in the form of bidding in Chinese collection market of painting and calligraphy art.Through empirical research of this paper, we find that the most important influence factors to the Chinese calligraphy and painting art price is the name of the artist, the size of the work, the auction year and whether the art go unsold,and the rest of the influence factors have little effect; anchoring effect of bid price in Chinese painting and calligraphy art collection market is existed,and the more times of auction transactions, the shorter time interval of the last transaction, the more strong effect; the art go unsold helps to reduce the anchoring effect.At last, this paper put forward some suggestions that helps to weaken the bid price of the anchoring effect in that market according to the empirical results above:reducing the frequent transactions of art auction, be more careful when making the auction bottom price and banning the art work hype.