haku: @indexterm ART MARKET / yhteensä: 45
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| Tekijä: | Worthington, A.C. Higgs, H. |
| Otsikko: | A note on financial risk, return and asset pricing in Australian modern and contemporary art |
| Lehti: | Journal of Cultural Economics
2006 : MAR, VOL. 30:1, p. 73-84 |
| Asiasana: | arts art market auctions Australia pricing return on investment |
| Kieli: | eng |
| Tiivistelmä: | Over 30,000 paintings by fifty well-known modern and contemporary Australian artists sold at auction over the period 1973-2003 are used to develop a hedonic price index. The attributes included in the hedonic regression model are the name, age and living status of the artist, the number of works sold, the size and medium of the painting, and the auction house, month and year in which the painting was sold. Is it shown that returns on Australian modern and contemporary art averaged nearly five percent over the period with a standard deviation of sixteen percent. It is also found that a ten percent increase in the Australian stock market resulted in a 3,4 percent increase in the art market. Artworks by artists deceased at the time of the auction, larger works, works executed in oils, and those auctioned by Sotheby's or Christie's in July or August are associated with higher prices. |
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