Factors Affecting the Works of Art Prices on the Auction Market in Poland

Anna M. Lucinska ,  Tomasz Schabek 

University of Lodz, Katedra Ekonomii Przemyslu i Rynku Kapitalowego, ul. Rewolucji 1905 r., nr 41, Łódź 90-214, Poland


Turbulences characterizing contemporary financial markets lead to exploration of assets providing diversification of the portfolio. Hence the increased interest in alternative investments such as art. Successful investment in art requires extensive knowledge of factors affecting price value of art. One of them relate to the work of art and include its features, eg.: the subject of the painting (abstract painting, figures, portraits, self-portraits, nude portraits, genre painting, still life, marines, landscapes, cityscapes, nocturnes, historic/religious/battle painting), art movements (Romanticism, Positivism and Historicism, Modernism, Ecole de Paris, Modern and Contemporary Art), the size of painting, auction house that traded the painting and age – productivity profile). Factors related to the artist include reputation (the number of paintings sold and maximum price) and date of birth.  There is a broad discussion in the world literature concerning various aspects of art as an investment. The aim of this article is the attempt to fill the gap as far as Polish art market is concerned. Using transaction data from art auctions for the works of 47 most significant (in terms of number and value of paintings sold in Polish auction houses in the years 2007 – 2010) polish artists  the paper discusses the relationship between the price of a painting and factors mentioned above.  The study proved that – among others – there are some factors statistically important for the price of painting: reputation of the artist, size, age – productivity profile and the subject i.e. self-portrait.


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Presentation: Poster at Current Economic and Social Topics CEST2013, Symposium on Financial Market Analysis, by Anna M. Lucinska
See On-line Journal of Current Economic and Social Topics CEST2013

Submitted: 2013-05-10 21:55
Revised:   2014-07-09 05:17