Research On Price Formation Mechanism Of Art

The rapid development of China’s art market rely heavily on economic growth.High-speed economic growth for the operation of art market and investment has brought enormous opportunities,the development of the art market is an inevitable trend.To realize the healthy development of the art market,it must understand artwork price formation mechanism,and the price of art is a big problem in the development of the art market.At present in our country lack of a set of artwork price formation mechanism research,therefore,This paper tries to further research works of art using the econometric model of price formation mechanism,the macro and micro factors affecting the formation of art prices detailed analysis.The purpose is detailed quantitative derivation process of artwork price mechanism.In this article,through combing the domestic and foreign academic circles in recent years,research on the influence factor of art prices,mainly chose art itself on the influence factors of art prices,including the famous artist,the size of the artwork,theme and creatives,etc.Also consider some factors of art itself,such as GDP,M2,LR,CPI,LR,RR,auction,auction time,description,etc.Affect the artwork price formation mechanism of these two factors analyzed one by one,discusses various factors play role in the process of price formation mechanism.The art market in the two important plate-the Chinese painting market and oil painting market,according to its different market sensitivity to the formation of art price differentiation process to distinguish analysis.Select the 2000 to 2015 of the macroeconomic data,the auction price of the Chinese painting market and the Chinese painting 400 index,the oil market average auction price and oil painting 100 index respectively on the art market in the two plates of the gradual linear regression analysis.The error correction model is established,and the formation mechanism of art price is analyzed empirically.The results show that the per capita GDP of macroeconomic factors has a significant effect on the two art markets.M2 has little effect on the price of two art markets.CPI in the Chinese painting market has a significant impact on the price of Chinese painting,but the role of the oil market is very little.Indicating that the art market will be one of the effective means to resist inflation.The degree of sensitivity to macroeconomic factors in different art markets is also different.