Volatility of Price Indices for Heterogeneous Goods with Applications to the Fine Art Market

2013 ◽  
Vol 30 (2) ◽  
pp. 291-312 ◽  
Author(s):  
Fabian Y. R. P. Bocart ◽  
Christian M. Hafner
Keyword(s):  
Art Market ◽  
Fine Art ◽  
Price Indices ◽  
Heterogeneous Goods

scholarly journals Investment in Fine Art Market Versus Investment in Financial Instruments

2020 ◽  
Author(s):  
Ana - Corina Dimitriu ◽  
Gheorghe Hurduzeu
Keyword(s):  
Art Market ◽  
Fine Art ◽  
Financial Instruments ◽  
The Arts ◽  
Art Investment

The art market has been seen always as an area of excellence, where only the elected people can understand the mysteries of the specific of the arts. Although there might be both investments in assets, the investment in art and the investment in financial instruments are different. This paper explores the differences between these two types of investments. Keywords: art investment, art value, art price

scholarly journals Hedonic Pricing on the Fine Art Market

Information ◽  
2020 ◽  
Vol 11 (5) ◽  
pp. 252
Author(s):  
Anna Zhukova ◽  
Valeriya Lakshina ◽  
Liudmila Leonova
Keyword(s):  
Stock Market ◽  
Price Index ◽  
Art Market ◽  
Fine Art ◽  
Hedonic Pricing ◽  
Influential Factors ◽  
Special Treatment ◽  
Asset Return ◽  
Heckman Model ◽  
Market Instability

In conditions of the stock market instability the art assets could be considered as an attractive investment. The fine art market is very heterogeneous which is featured by uniqueness of the goods, specific costs and risks, various peculiarities of functioning, different effects and, hence, needs special treatment. However, due to the diversity of the fine art market’s goods and the absence of the systematic information about the sales, researchers do not come to the same opinion about the merits of the art assets conducting studies on single segments of the market. We make an attempt to investigate attractiveness of the fine art market for investors. Extensive data was collected to obtain a complete pattern of the market analyzing it within different segments. We use the Heckman model in order to estimate the art asset return and find out the most influential factors of art price dynamics. Based on the estimates obtained we construct monthly art price index and compare it with S&P500 benchmark.

scholarly journals Governance under the shadow of the law: trading high value fine art

Public Choice ◽  
2019 ◽  
Vol 184 (1-2) ◽  
pp. 157-174
Author(s):  
Anja Shortland ◽  
Andrew Shortland
Keyword(s):  
Law Enforcement ◽  
Art Market ◽  
Fine Art ◽  
Public Law ◽  
Court Cases ◽  
Opportunistic Behavior ◽  
Private Governance ◽  
Governance System ◽  
Auction Houses ◽  
Blue Chip

Abstract The market for paintings by well-known artists is booming despite widespread concern about art crime and difficulties in establishing provenance. Public law enforcement is imperfect, and court cases often are deemed problematic. So how is the thriving art market governed in practice? We analyze the protocols used by the top auction houses to identify and resolve problems of illicit supply—fakes, forgeries and items with defective legal titles—through the lens of institutional analysis. We uncover a polycentric private governance system in which different actors govern distinct but overlapping issue areas, motivated by profit, prestige, or the search for truth. When the financial stakes rise, opportunistic behavior undermines the credibility of private governance. We argue that as litigious, super-rich investors entered the art market, the interaction between public law and the traditional private governance system restricted the supply of “blue chip” art, driving the escalation of prices.

scholarly journals Attitudes towards face-mounting in contemporary photography

2021 ◽  
Author(s):  
Dawn Vernon
Keyword(s):  
Large Scale ◽  
Art Market ◽  
Fine Art ◽  
Monetary Value ◽  
New Process ◽  
The Face ◽  
Private And Public ◽  
Contemporary Artists

This thesis is a survey of current issues surrounding face-mounting; a mounting method for large scale photographs where the face, or front of the photography is permanently adhered to a sheet of clear acrylic. This relatively new process is controversial because of the preservation concerns in combination with a high monetary value that is now being applied to the work of some contemporary artists utilizing this process for large scale photographs. Through interviews with photographers, gallerists, curators, and conservators, this paper explores the rationale behind the use of face-mounting, as well as its aesthetic and preservation impact, its presence on the fine art market, and its future in private and public collections.

scholarly journals Purchasers of artworks on the art market and their motivations

2021 ◽  
Author(s):  
Dmytro Akimov
Keyword(s):  
Methodological Approach ◽  
Fine Arts ◽  
Art Market ◽  
Fine Art ◽  
Marketing Technology ◽  
Individual Product ◽  
Works Of Art ◽  
Art Research ◽  
Art Marketing ◽  
Private Collections

The purpose of the article. Research and analysis of marketing technology algorithms and study of motivations of purchasers of products of fine arts. The methodology is to apply comparative, empirical, and theoretical methods. This methodological approach allows us to analyze the motivations of purchasers of works of fine art and further research of marketing processes in the promotion of works of fine art in the art market. The scientific novelty consists in the expansion of ideas about the motivations of purchasers of works of fine art. The article explores the marketing processes in the art market. Algorithms of marketing technologies in the analysis of motivations of purchasers of works of fine arts are analyzed. That is, the article proves that in art marketing it is relevant and necessary to regularly study the algorithms of the behavior of purchasers of works of art, as well as in general - situations in which the collector decides on the purchase of works of art. Research in the field of art market marketing gives grounds to state that artistic creativity is a field of large and small business, which should deeply study and analyze the motivations of purchasers, involving specialists in psychology, sociology, economics. It should be noted that in the marketing of fine arts the technologies of studying and analyzing the motivations of the purchasers of works of art are purposefully and productively used. Conclusions. The article analyzes the models of acquisition of works of fine art. It is also proved that the behavior of the purchaser of works of art is determined by three mandatory components: Individual - Product - Situation, on which the model of consumption and consumer behavior is based. Thus, we have studied the individuals involved in the acquisition of works of art that are products on the market, presented in kind in museums or private collections. The success of art marketing depends not only on the personality of the artist who created the product presented on the market, not only on the solvency of the final purchaser of this product but also on the personality, creative and business qualities of dealers, distributors, and other intermediaries in the art market. At a certain stage, they also become purchasers of this product on the way from the artist to the final buyer - a museum or a private collector, etc. We also explored market algorithms for acquiring works of art in a collection.

scholarly journals Symbolic consumers of fine art in the art market and their motivations

2021 ◽  
Author(s):  
Dmytro Akimov
Keyword(s):  
Consumer Behavior ◽  
Small Businesses ◽  
Analysis Of Algorithms ◽  
Methodological Approach ◽  
Fine Arts ◽  
Marketing Research ◽  
Art Market ◽  
Fine Art ◽  
Symbolic Consumption ◽  
Works Of Art

The purpose of the article. Research and analysis of algorithms of marketing technologies in the art market by studying the motivations of symbolic consumers of fine arts, namely, individuals who consume products of fine arts through symbolic appropriation. The research methodology is to apply comparative, empirical, and theoretical methods. This methodological approach allows us to analyze the motivations of symbolic consumers of works of art with the subsequent use of research results in the marketing processes of promoting works of art in the art market. The scientific novelty lies in the expansion of ideas about the motivations of symbolic consumers of the fine arts market and in the study of further marketing processes in it. The article analyzes the algorithms of marketing technologies in the analysis of motivations of symbolic consumers of the fine arts market. The article establishes that in the marketing of fine arts it is relevant and necessary to study the behavior of symbolic consumers of works of art as Individuals through the analysis of types of symbolic Consumers, as well as through the analysis of situations of symbolic consumption of works of art as a symbolically appropriated Product at the art market while viewing works of art in exhibition halls. Based on research in the field of art market marketing, we can say that artistic creativity is an area of activity of non-profit public and private museums, gallery and exhibition institutions, as well as large and small businesses, which should professionally analyze consumer motivations, which in turn makes it possible to highly segment consumers of works of fine art in accordance with their motivations. Conclusions. The article defines and analyzes the model of consumption of fine arts by symbolic appropriation, and, accordingly, describes the group (segment) of consumers. We are talking about symbolic consumption, which is associated with the possibility of obtaining aesthetic pleasure through the symbolic appropriation of the work without material possession. It is also proved that consumer behavior in art marketing is determined by three mandatory components: Individual - Product - Situation. It is on these components that the types of motivation are formed, on which the model of consumption and consumer behavior is built. Thus, we have studied individuals who consume works of art, which in turn are products presented in exhibition halls, and we have studied the situations of consumption of works of art that are consumed by symbolic appropriation in exhibitions. Key words: art market, marketing research, motivation of consumers of works of art, symbolic consumption of works of art, behavior of consumers of art market.

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