Study On The Influence Of Macroeconomic Factors On The Market Price Of Chinese Calligraphy And Painting Auction

With the rapid development of China’s economy and the increasing per capita income,more and more people are actively pouring into the Chinese painting and calligraphy auction market out of spiritual and investment needs,constantly refreshing the turnover of the painting and calligraphy auction market and the highest price of a single painting and calligraphy work.Although the calligraphy and painting auction market has achieved good development,the theoretical research on the auction price has not been paid enough attention,especially the research on the impact of macro-economy on the market price is still relatively scarce,which to a large extent limits the healthy development of China’s calligraphy and painting auction market.In this context,the study of the impact of macroeconomic factors on the market price of Chinese painting and calligraphy auction can not only help painting and calligraphy investors improve their investment strategies according to macroeconomic fluctuations and relevant policies,answer investors’ investment doubts,but also supplement the research library of Chinese painting and calligraphy art,and contribute theoretical reference to the further development of the painting and calligraphy auction industry.Therefore,based on the hedonic price model,this paper further discusses the impact of macroeconomic factors on the market price of Chinese calligraphy and painting auction.Around the theme of the impact of macroeconomic factors on the market price of Chinese calligraphy and painting auction,this paper studies from three aspects.The first is to study the current situation of the auction market of Chinese painting and calligraphy,and analyze the turnover and price index of the auction market of Chinese ancient painting and calligraphy,modern painting and calligraphy and contemporary painting and calligraphy;Secondly,according to the characteristic price model,the macro factors such as GDP,inflation rate,money supply,industrial development structure,China’s stock market and exchange rate are selected as the main characteristic variables affecting the auction price,and the influence mechanism of macroeconomic factors on the market price of calligraphy and painting auction is analyzed according to the supply-demand equilibrium model;The third is empirical analysis.By selecting the auction price index of 45 representative painters of ancient Chinese painting and calligraphy,modern painting and calligraphy and contemporary painting and calligraphy from 2010 to 2020 as the explanatory variable,this reflects the fluctuation of the auction market price of Chinese painting and calligraphy,and at the same time,macro-economic factors and the characteristics of painting and calligraphy(the attributes of artists,the characteristics of works of art and the attributes of auction houses)as the explanatory variables,Using multiple linear regression model for empirical test,this paper analyzes the impact of explanatory variables on the price of Chinese painting and calligraphy auction market,and draws empirical conclusions.The specific conclusions are as follows:(1)in terms of macroeconomic factors,GDP,inflation rate,money supply and exchange rate(RMB / USD)are positively correlated with the market price of Chinese calligraphy and painting auction,and their elastic coefficients are 0.55,5.39,1.61 and 1.06 respectively;Because the substitution effect is greater than the income effect,the stock market is negatively correlated with the auction price of calligraphy and painting,and the elasticity coefficient is-0.13.(2)In terms of the characteristics of calligraphy and painting,the size of calligraphy and painting,the popularity of painters,whether the painters were in the world and in the era of creation had a greater impact on the auction market price of Chinese calligraphy and painting,which was positively correlated,and the impact coefficients were 0.84,0.79,0.66 and 0.17 respectively;The presence or absence of seal / style /collection seal and the popularity of the auction house have relatively little impact on the market price of calligraphy and painting auction,and the impact coefficients are0.05 and 0.06 respectively.Finally,based on the above research conclusions,this paper puts forward targeted suggestions from the two perspectives of painting and calligraphy investors and painting and calligraphy industry management.