The Research Of Characteristic Price Of Ancient Books In Auction Based On The Hedonic Model

The art market is an important part of the cultural industry,and the art auction market has developed into the vane of the art market.As the stable and strong part of the art market,the auction price of ancient books has been continually concerned by vast enthusiastic collectors.The expert-based evaluation of ancient books in China brings the subjectivity and arbitrariness in valuation,the huge gap between the valuation price and the transaction price may cause difficulties in book-collecting process and decline in market confidence,which may discourage the healthy development of auction market of ancient books and the spread process of Chinese traditional culture.The study of Chinese auction market of ancient books is still in the initial stage.Using quantitative method to study the auction price of ancient books is designed to offer reference for market participants and market regulators,and provide theoretical support for follow-up research.This paper uses the Hedonic Price Method to study the auction price of ancient books.Based on the research of the relationship between the characteristics and the auction price of ancient books,the paper uses 1701 ancient book auction records of the China Guardian Auctions between 1995 to 2015,chooses appropriate characteristic variables to establish the Hedonic Model,makes analysis of the influence these characters have on the auction price.The result shows that:(1)GDP has significant impact on the auction price of ancient books,the auction price rises with the increasing of GDP of the auction season.(2)Big difference of auction price appears among books created in different ages.Books created in Song Dynasty have the highest auction price,followed by books created in Yuan Dynasty and Ming Dynasty.There is no significant difference between the auction price of books created in Qing Dynasty and the Republic of China.(3)Different versions could cause differences in the auction price of ancient books.The Transcripts have the highest auction price,followed by the Movable Types,the Hand-copied Books,the Taoyin Books and the ordinary printed books.(4)Books made by Bark Paper have higher price than that of books made by ordinary paper,while no significant difference appears among the auction price of Bamboo Paper,Rare Paper and ordinary paper.(5)Auction price of ancient books with seals and inscriptions is higher than that of no seals and inscriptions.