FACTORS AFFECTING THE PRICES OF ARTWORKS IN THE POLISH AUCTION MARKET

• Authors: Anna Lucińska , Tomasz Schabek
• Languages of publication: EN

Abstracts

EN

The turbulences of the contemporary financial markets lead to exploration of alternative assets such as art. The aim of this pilot study is to investigate for the price determinants of paintings on the Polish art market using transaction data from art auctions involving the works of 50 most significant Polish artists. The study proved that some factors are statistically significant for the price of paintings; these include the subject (i.e., self-portrait), the age and size of the artwork, and the reputation of the artist.

Keywords

EN

art market; determinants of prices; hedonic regression

• Publisher: Katedra Ekonometrii i Statystyki, Szkoła Główna Gospodarstwa Wiejskiego w Warszawie
• Journal: Metody Ilościowe w Badaniach Ekonomicznych
• Year: 2014
• Volume: 15
• Issue: 1
• Pages: 92-103

Dates

published

2014

Contributors

author

Anna Lucińska

• Department of Economics of Industry and Capital Markets, University of Łódź

author

Tomasz Schabek

• Department of Economics of Industry and Capital Markets, University of Łódź

References

• Ashenfelter O., Graddy K. (2003) Auctions and the Price of Art, Journal of Economic Literature, September, 782 – 785.
• Burton B., Jacobsen J. (1999) Measuring Returns on Investments in Collectibles, Journal of Economic Perspectives, Vol.13, No. 4, 193 – 212.
• Campos N., Barbosa R. (2008) Painting and Number: An Econometric Investigation of Sales Rates, Prices and Returns in Latin American Art Auctions, The Institute for the Study of Labor IZA, Bonn, IZA Discussion Paper No. 3445, 18 – 25.
• Dobrowolski T. (1989) Malarstwo polskie, ZN Ossolineum, Wrocław, p. 48, 149.
• Edwards S. (2004) The Economics of Latin American Art.: Creativity Patterns and Rate of Return, NBER Working Paper No. 10302, 14 – 17.
• Galenson D.W. (1999) The Lives of the Painters of Modern Life: the Careers of Artists in France from Impressionism to Cubism, NBER Working Paper No. 6888, 13 – 39.
• Galenson D.W. (2004) A Portrait of the Artist as a Very Young or Very Old Innovator: Creativity at the Extremes of the Life Cycle, NBER Working Paper No. 10515, 3 – 12, 63 – 66.
• Galenson D.W (2008) The Back Story of Twentieth-Century Art, NBER Working Paper No. w14066, 9 – 27.
• Galenson D. W., Weinberg B. A. (2000) Age and the Quality of Work: The Case of Modern American Painters, Journal of Political Economy, Vol. 108, No. 4, 761 -777.
• Hodgson D. J. (2011), Age-Price Profiles for Canadian Painters at Auction, CIRANO Scientific Publications, No. 2011, 13 – 15.
• Kompa K., Witkowska D. (2013) Indeks rynku sztuki. Badania pilotażowe dla wybranych malarzy polskich, Journal of Management and Finance, Vol. 3, No. 2, 39 – 42.
• Lanyon G. R., Smith L. (1999) A portrait of an Artist as a Young, Middle-Aged and Elderly Man, http://dx.doi.org/10.2139/ssrn.18221, access 04.07.2013, 3 – 9.
• Lucińska A. (2011) Malarstwo na polskim rynku aukcyjnym, Rynki finansowe. Nowe wyzwania i możliwości, Prace Naukowe Wyższej Szkoły Bankowej w Gdańsku, CeDeWu, Gdańsk, 254.
• Lucińska A. (2012) Rozwój artystyczny malarzy a ceny obrazów na polskim rynku sztuki, Zeszyty Naukowe Uniwersytetu Szczecińskiego nr 690 Finanse, rynki finansowe, ubezpieczenia nr 5, Wydawnictwo Uniwersytetu Szczecińskiego, Szczecin, p. 715 – 725.
• Małkowska M. (2010) Historia na wodzie, Rzeczpospolita, Księga Kresów Wschodnich nr 29, 19.08.2010, 15.
• Mamarbachi R., Day M., Favato G. (2008) Art as an alternative investment asset, http://papers.ssrn.com/sol3/papers.cfm?abstract id=1112630, access 03.07.2013, 4.
• Potocka M. A. (2013) Sztuka w ekonomii, exhibition catalogue Economy in Art., Muzeum Sztuki Współczesnej, Kraków, 99.
• Towse R. (2011) Ekonomia kultury Kompendium, Narodowe Centrum Kultury, Warszawa, 102 – 104, 174.
• Włodarczyk W. (2010) interview , Rzeczpospolita, 23–24.01.2010, A20 – A21.