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http://dx.doi.org/10.5762/KAIS.2011.12.2.629

Factors of China Art Price Formation -Focusing on contemporary artists-  

Kwon, Hyeog-In (Department of Culture-Art Business, General Graduate School, Chung-ang University)
Lee, Jae-Hwa (Department of Culture-Art Business, General Graduate School, Chung-ang University)
Lee, Jin-Kyung (Department of Culture-Art Business, General Graduate School, Chung-ang University)
Song, Jeong-Seok (Department of Culture-Art Business, General Graduate School, Chung-ang University)
Publication Information
Journal of the Korea Academia-Industrial cooperation Society / v.12, no.2, 2011 , pp. 629-639 More about this Journal
Abstract
This paper classifies factors that form Chinese contemporary art price which comes into the spotlight in the current fine art market and consider the characteristics that form price with Chinese art only. The data were analyzed applying hedonic price setting models which include market value as a dependent variable with the various characteristics that art includes as the individual factors. The result has found that Chinese contemporary art has the more effects on factors of artists than sales factors. The social factor is worthy of notice in that Chinese GDP jointly raised with the price of Chinese contemporary art. At this point that interest in and demand of Chinese contemporary art are higher, it is thought that the result of this study will raise comprehension and convincing purchase direction will be suggested to collectors.
Keywords
Chinese Art; Hedonic Price Setting Model; Auction; Price Formation Factor; Contemporary Fine Art;
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