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Factors of China Art Price Formation -Focusing on contemporary artists-

중국 미술품 가격 형성 요인 실증분석 -컨템퍼러리 미술 작가 중심으로-

  • Kwon, Hyeog-In (Department of Culture-Art Business, General Graduate School, Chung-ang University) ;
  • Lee, Jae-Hwa (Department of Culture-Art Business, General Graduate School, Chung-ang University) ;
  • Lee, Jin-Kyung (Department of Culture-Art Business, General Graduate School, Chung-ang University) ;
  • Song, Jeong-Seok (Department of Culture-Art Business, General Graduate School, Chung-ang University)
  • 권혁인 (중앙대학교 일반대학원 문화예술경영학과) ;
  • 이재화 (중앙대학교 일반대학원 문화예술경영학과) ;
  • 이진경 (중앙대학교 일반대학원 문화예술경영학과) ;
  • 송정석 (중앙대학교 일반대학원 문화예술경영학과)
  • Received : 2010.11.18
  • Accepted : 2011.02.10
  • Published : 2011.02.28

Abstract

This paper classifies factors that form Chinese contemporary art price which comes into the spotlight in the current fine art market and consider the characteristics that form price with Chinese art only. The data were analyzed applying hedonic price setting models which include market value as a dependent variable with the various characteristics that art includes as the individual factors. The result has found that Chinese contemporary art has the more effects on factors of artists than sales factors. The social factor is worthy of notice in that Chinese GDP jointly raised with the price of Chinese contemporary art. At this point that interest in and demand of Chinese contemporary art are higher, it is thought that the result of this study will raise comprehension and convincing purchase direction will be suggested to collectors.

Keywords

Chinese Art;Hedonic Price Setting Model;Auction;Price Formation Factor;Contemporary Fine Art

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Cited by

  1. Artistic Value and Art Price: A Comparison between Auction and Non-auction Markets vol.13, pp.10, 2012, https://doi.org/10.5762/KAIS.2012.13.10.4432