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

Abstract

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.

Auxiliary resources (full texts, presentations, posters, etc.)
  1. POSTER: Factors Affecting the Works of Art Prices on the Auction Market in Poland, Zip archive data, at least v2.0 to extract, 0.2MB
  • Legal notice:

    The above materials are subject to Publisher's copyright and the Author(s) intellectual rights. Without limiting Author(s) rights under respective Copyright Transfer Agreement, no part of the above documents may be reproduced, stored in or introduced into a retrieval system, or transmitted in any form or by any means (electronic, mechanical, photocopying, recording or otherwise), or for any purpose, without the express written permission of Pielaszek Research Corporation, the Publisher.
    Express permission from the Author(s) is required to use the above materials for academic purposes, such as lectures or scientific presentations. In such a case, proper references including Author(s) name(s) and URL of this webpage: http://science24.com/paper/30003 must be provided.

 

Related papers
  1. "Sell not only in May". Seasonal Effect on Emerging and Developed Markets
  2. Hedonic indexes, financial returns and period effect in Polish art investment
  3. Sustainable investing

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
Google
 
Web science24.com
© 1998-2018 pielaszek research, all rights reserved Powered by the Conference Engine