Since the growth of the art market into a capitalized global art industry, public and academic discourse on art auctions has been dominated by record prices. Despite the financial potential of art auctions as well as the public and academic interest in art, understanding of auction prices is...

Employing the art-collection records of Burton and Emily Hall Tremaine, we consider whether early-stage art investors can be understood as venture capitalists. Because the Tremaines bought artists' work very close to an artwork's creation, with 69% of works in our study purchased within one year...

Digital art uses digital technology as part of the creative process or exhibition presentation. Crypto art is linked to blockchain technology and concerns certified digital artworks. Valuation profiles take their cues from the metrics traditionally used for copyright (royalty monetization or...

Is art a safe haven in times of political or financial crisis? We trace the long-term performance of the UK art market during world wars, economic recessions, financial crises, inflationary periods, and changes in monetary policy. We digitalized historical auction archives to construct art price...

Recently, the art market has proposed the trading of NFTs. We focus on these research questions: a) does the increase in the value of cryptocurrencies affect the value of NTFs; b) does the interest of public opinion influence the value of NFTs. We apply causality and spill-over analyses to...

This paper mainly examines the nonlinear dynamics in the price series of the Chinese art market segments over the period from 2000 and 2018. We employ the hedonic price model to construct price indices of the Chinese art market segments and then investigate the nonlinearities and regime...

During World War II, artworks significantly outperformed all alternative investments in Occupied France. With the surge in demand for portable and easy-to-hide (discreet) assets such as artworks and collectible stamps, prices boomed. This suggests that discreet assets may be viewed as...

In this paper, we compute residual variance of art prices to examine asset pricing in contemporary art market. Our empirical work shows a few interesting results. First, we discover that the residual variance is significantly and positively related to the average price level achieved by an...

Contemporary museums are much more than places devoted to the placement and the exhibition of collections and art works. One of the keys to the general public approach is the use of new technologies and different structuring according to the clients profile and preferences. Virtual reality (VR)...

Culture is the most critical thing when driving innovation. This paper aims to discuss the counter-hegemony of Drama Gong against modern entertainment arts today with the dynamics of openness innovation. The research method used is qualitative and uses triangulation analysis. Basic qualitative...

Research background: The dynamics of the art market are usually presented in terms of price fluctuations, price indexes and financial returns. This paper proposes the value and volume approach, which has not been considered in an aggregative way for a long time in the economic literature.Purpose...

The recent history of modern art provides clues as to how important artists can be identified before their work becomes generally known. Advanced art has been dominated by conceptual innovators since the late 1950s, and the importance of formal art education in the training of leading artists...

Psychologists have found that the age at which successful practitioners typically do their best work varies across professions, but they have not considered whether these peak ages change over time, as economic models suggest they might. Using auction records, we estimate the relationship...

In the paper the author takes up the issue of modelling international trade in works of art. The gravity approach to the international trade in art in 27 European Community countries has been presented. The analysis is based on Eurostat international trade database Comext (Harmonised System for...

Using transactions from fine art auctions for 42 leading American contemporary artists I estimate the relationship between the value of a painting and the artist's age at the date of its execution. The econometric estimates show that artists born before 1920 were likely to have done their most...

Art is often presented as an investment of last resort or a potential safe haven in times of political or financial distress. Yet, as no study has focused on the performance of art markets in times of crisis, this paper fills this gap by means of unclosing historical auction archives. We trace...

The 2008 economic crisis has greatly affected how people are choosing to invest their money. Many investors have been more cautious of investment opportunities and the risks they impose, which has led to an increased interest in alternative investments. People are starting to look beyond the...

An anti-foreign and anti-Christian uprising began in northern China in 1899, dubbed the “Boxer Rebellion” by the foreign powers that subsequently invaded China. In the courseof events, troops of the Eight-Nation Alliance began to arrive in Beijing in August 1900 and occupied the city. During...

This study focuses on the relationship between Ernest Grandidier and the art dealers who helped him to build the most important collection of Chinese ceramics in France. The history of this incredible collection - today considered as the largest one of Chinese ceramics in France and kept at the...

Art often serves as an investment tool. However, the prices for some of the pieces are not easy to predict, and removing the price uncertainty is crucial to attracting even more investment in the art market. This paper assumes that the reputation of the artists and their social connections can...

We provide an innovative methodological contribution to the measurement of returns on infrequently traded assets using a novel approach to repeat-sales regression estimation. The model for price indices we propose allows for correlation with other markets, typically with higher liquidity and...

We study return rates on art investment using a complete dataset on repeated sales for Old Master Paintings, Modern art and Contemporary art auctioned worldwide at Christie's and Sotheby's from 2000 to 2018. We show that return rates do not depend systematically on past prices or the place of...