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Towards data oriented analysis of the art market: survey and outlook

100%
Filipiak D., Filipowska A.
Finansowy Kwartalnik Internetowy e-Finanse
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2016
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vol. 12
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issue 1
21-31
EN
Due to the constantly growing interest in alternati ve investments, the art market has become the subject of numerous studies. By publishing sales data, many services and auction houses provide a foundati on for further research on the latest trends. Determining the definiti on of the arti sti c value or formalisation of appraisal may be considered quite complex. Statistical analysis, econometric methods or data mining techniques could pave the way towards bett er understanding of the mechanisms occurring on the art market. The goal of this paper is to identify, describe and compare solutions (and related challenges) that help to analyse, make decisions and defi ne state of the art in the context of the intersecti on of econometrics on art markets and computer science. This work is also a starting point for further research.
2
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FACTORS AFFECTING THE PRICES OF ARTWORKS IN THE POLISH AUCTION MARKET

80%
Lucińska A., Schabek T.
Metody Ilościowe w Badaniach Ekonomicznych
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2014
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vol. 15
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issue 1
92-103
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.
3
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Wrażliwość hedonicznych indeksów cen na przykładzie indeksów cen dzieł znanych malarzy polskich

80%
Witkowska D.
Econometrics. Ekonometria. Advances in Applied Data Analytics
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2014
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issue 2(44)
17-30
EN
The aim of the research is construction and evaluation of the hedonic price indexes for Polish paintings. In the paper we discuss basic problems concerning specification of the model which describes artworks prices, employing qualitative characteristics. Empirical investigation is conducted on the basis of individual data concerning auctions of paintings that took place in Poland in years 2007-2010. We show that different specification of hedonic models and changes of the sample containing traded objects significantly affect index value. We propose construction of aggregated indexes that are less sensitive to the single model specification.
4
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Czynniki wartości ziemi rolnej w kontekście zróżnicowanych funkcji obszarów wiejskich w Polsce

51%
Czyżewski B., Trojanek R.
Zagadnienia Ekonomiki Rolnej
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2016
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issue 2(347)
3-25
EN
According to many researches, decoupled CAP subsidies capitalised on land prices. Most studies on land prices carried out in Europe relate to the SPS system and marginal changes in land values are noted as a result of the subsidising of agriculture. In the SAPS system, used in the new EU-12 Member States, these issues have not been sufficiently investigated. An attempt is made to fill these gaps by studying the drivers of land values in a leading agricultural region of Poland based on a sample of 653 transactions from the years 2010-2013. The aim is to establish what land use values, amenities and payments for public goods contribute to land values in the SAPS system. The hypothesis is proposed that the key factors for land value are location-specific factors identified according to the economic functions of a given area. Thus, four log-linear models of hedonic regression are estimated (using GLS) for different types of rural areas. The models employ both parcel-level attributes and agricultural policy variables. Results include the observation that single area payments contribute now to land value mainly in the peripheral areas and payments for public goods under SAPS decapitalize the value of land, because they do not compensate for the opportunity costs related to alternative ways of deriving rent from the land.
PL
Dotychczasowe badania dowodzą, że subsydia oderwane od produkcji kapitalizują się w wartości ziemi rolnej. Większość tych badań prowadzonych w Europie dotyczy jednak sytemu SPS obowiązującego w „starych” krajach członkowskich UE-15, gdzie rozpoznane są marginalne zmiany wartości ziemi w wyniku subsydiowania rolnictwa oraz problem zakresu oddziaływania polityki rolnej na rynki (problem of the incidence of agricultural policy). Natomiast w systemie SAPS, w nowych krajach członkowskich UE-12, kwestie te nie są dostatecznie zbadane. Dlatego też Autorzy podjęli próbę uzupełnienia wskazanych luk, prowadząc badania determinant wartości ziemi w wiodącym rolniczym regionie Polski na próbie 653 transakcji z lat 2010-2013. Celem badań jest odpowiedź na pytanie, jak wartości użytkowe gruntu, użyteczności pozarolnicze (amenities) i płatności za dobra publiczne kapitalizują się w wartości ziemi w systemie SAPS? Autorzy stawiają hipotezę, że kluczowe dla wartości ziemi są czynniki lokalizacyjne zidentyfikowane według ekonomicznej funkcji danego obszaru. W pierwszym etapie oszacowano funkcję regresji postaci log-liniowej dla poszczególnych typów gmin wiejskich. W modelu uwzględniono zarówno czynniki cenotwórcze działek, jak i zmienne odnoszące się do polityki rolnej. Zaobserwowano m.in., że jednolita płatność obszarowa pozytywnie wpływa obecnie na wartość ziemi jedynie na obszarach peryferyjnych, natomiast płatności za dobra publiczne w systemie SAPS dekapitalizują wartość ziemi, ponieważ nie rekompensują kosztów utraconych korzyści związanych z alternatywnymi możliwościami realizacji renty gruntowej.
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