Empirical Research On The Hedonic Price Indexes Of Chinese Contemporary Paintings

Art market comprises an important part of culture industry.Recently,lots of people join in the art market and the total turnover climbs year after year.The fluctuation and composition of art price is widely concerned by artists,collectors and auction houses.Particularly,relevant indexes of art market guide the direction of art research and act as the key factor,being similar with other economic market like stock market.Moreover,painting market takes up the most important part of Chinese art market.Thus,it has important theoretical and practical significance to analyze the influence factors and index of paintings.Nowadays in order to study the price of paintings,domestic researches usually use arithmetic average price index,which is a simple exponential variation curve to calculate the trend of the paintings price index.Because the paintings is a heterogeneous commodity,the difference is reflected in the use of value whose characteristics are different.Generally speaking,for example,the larger the size is,the higher the price is;the more famous the painter is,the more expensive the painting is.Traditional price index cannot fully cope with the overestimate of price change brought by quality change.However,hedonic price index can get rid of quality change.So this paper chooses the more maturely developed foreign hedonic model to carry out quantitative analysis of paintings.Firstly,this paper hackles the development state of hedonic price model.Secondly,combined with the specific situations of auction market,we reasonably define the hedonic variables of contemporary paintings.Through Yachang Art website and other Websites,we obtained necessary variable data,which is 4648 traditional Chinese painting samples and 3563 oil painting samples after integration and quantification.Thirdly,based on these samples,we separately construct linear,index,and bi-log hedonic price function for traditional Chinese paintings and oil paintings.Meanwhile,after comparison and analysis,we select the optimal hedonic price function.Finally,on the basis of the optimal hedonic function of traditional Chinese painting and oil painting,we make four indexes,which is contrasted and analyzed.These indexes are the hedonic price index of cross-sectional data and merging data,arithmetic average price index and that of quality adjustment.Our empirical research shows:(1)From the perspective of hedonic price function,bio-log hedonic price function is the optimal function form of traditional Chinese painting and oil painting;(2)From the perspective of merging data model,author name,auction time,and size have significant influence on the price of traditional Chinese painting and oil painting.But differently,creation age has greater impact on the price of traditional Chinese painting.While theme has more significant influence on the price of oil painting;(3)From the perspective of cross-sectional model,as time goes by,consumers may change their preferences to some hedonic attributes except size;(4)From the perspective of hedonic price index,after removing the change of quality,the change range of art price index decreases and hedonic price index indeed effectively controls the price change brought by quality change,which more significantly embodied in merging data;(5)Traditional Chinese painting and oil painting need to be discussed separately.They have different range of index change,the former with a larger one while the latter with a smaller one.