Artist Reputation And Art Price

With the continuous development of China’s economy and society and the continuous improvement of residents’ income,people’s material life needs have been greatly met.Therefore,people began to deepen their pursuit of their own spiritual world,and the material and cultural needs that can meet their spiritual pursuits have continued to grow.As a special commodity,artworks not only have the function of consumption,but also have multiple financial investment functions such as obtaining investment returns.Therefore,artwork has gradually become an important choice of asset allocation for high-income and high-net worth people in China,and the artwork market has gradually developed into the third largest investment field in China after the real estate market and the stock market,As the art market continues to mature,the issue of art pricing has not only attracted the attention of art consumers and investors,but also become the focus of researchers.In the research process of art pricing,researchers found that artist reputation is one of the main influencing factors of art price.However,due to the particularity of artist reputation,it is difficult to quantify it effectively.Therefore,domestic and foreign scholars mostly focus on qualitative analysis of the impact of artist reputation,and few quantitative analysis.As an important part of the artist’s reputation,the artist’s award-winning experience has a significant role in improving the artist’s reputation,and the quantification difficulty is relatively low.Therefore,based on the perspective of artists’ award-winning experience,this paper studies the impact of artists’ reputation on art price and its mechanism.This paper carries out the analysis by the research idea of "theoretical analysis-putting forward hypothesis-empirical analysis-verifying hypothesis-conclusion and recommendations".First,through reading and sorting out the domestic and foreign literature,it forms a basic understanding of the factors affecting the price of art works,the construction of the hedonic price model and other issues,and puts forward the article hypothesis.Secondly,based on the hedonic price model,we use the art auction data to construct the art price index to analyze the overall trend of China’s art market price.Thirdly,the change of artist’s reputation is represented by the change of artist’s award-winning experience,and its impact on the price of art works and its mechanism are analyzed through empirical research.The research conclusions of this paper are as follows:(1)As an important part of the artist’s reputation,the artist’s award-winning experience will lead to a significant improvement of the artist’s reputation,which will lead to the art consumer willing to pay a higher price for the characteristics of the art,making the price of the art work significantly increase,and the younger the award-winning artist is,the more significant the effect on the price increase.(2)Artists’ award-winning experience,as a kind of "quality signal" of public information in the market,can make the award-winning artists and their works more concerned and understood by more people by alleviating the obvious information asymmetry attribute in the art market,thus increasing the price of their works.The more serious the market information asymmetry faced by artists and their works is,the more significant the price increase effect of the award-winning experience is.(3)The effect of artists’ award-winning experience on the price of art works is affected by many factors.After empirical analysis,it is found that the higher the uncertainty of the macroeconomic environment,the more significant the role of the awarding experience in raising the price of art works when the awards are human awards,the artists do not have administrative positions,the artists’ native places are in Beijing and the Yangtze River Delta region,and the artists’ work units are within the system.