• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.10
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• pp.4432-4439
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• 2012

Previous studies on art pricing mostly focused on auction data because of the limitation of non-auction market data. This study investigated on both auction and non-auction markets to see the difference in art pricing mechanisms of both markets. Especially, while prior hedonic models included only quantatative variables to predict art prices, we added a qualitative measure, artistic value of a artwork, along with the original hedonic model to develop a more comprehensive model, and tested if his change may make more precise predictions. As a result, when we did not divide our data into auction and non-auction groups, we did not find any significant difference between the original hedonic model and the new model including artistic value. However, when we separated non-auction group from auction group, we found that predicted prices in the new model showed significantly closer values to the actual prices. This study contributes to our knowledge on art pricing by showing that artistic value may have important but differential impacts on different art dealing channels.

• The Journal of the Korea Contents Association
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• v.16 no.9
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• pp.600-611
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• 2016

This study examined the impacts of types of titles of artworks, especially 'untitled', on audience reponse. Generally, naming can be a tool to represent characteristics of objects, affecting their market value and price. Since contemporary artworks are often untitled, this study aimed to investigate how naming 'untitled' would affect audience response. As the size of arts market increasing, how the audience, potential buyer of artworks, responds to artworks is important. Based on prior research, we hypothesized that the audience would have different level of understanding, attention, attractiveness and curiosity to untitled artworks, controlling other factors. In the regression results from the data of 305 respondents, we found that people had significantly lower level of understanding and attention on untitled artworks than on artworks of explanatory or associative titles. In addition, respondents showed significantly higher level of curiosity when the artwork was an painting. This study confirmed the assertions of prior research that titles are indeed important, and further implied that artwork creators should be more concerned on naming their artworks since titles as well as artworks themselves could actually affect audience response.

• The Journal of the Convergence on Culture Technology
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• v.9 no.2
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• pp.533-543
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• 2023

This study explores the influence of the COVID-19 pandemic on the Korean art market and contrasts the classic hedonic method of art price prediction with the Artificial Neural Network technique. The empirical analysis of this paper utilizes 14,639 observations of Korean art auction data from 2015 to 2021. There are three types of variables in this study: artist-related, artwork-related, and sales-related. Previous studies have suggested that these three types of variables influence art prices. The empirical findings in this research are in twofold. First, in terms of RMSE and R², the Artificial Neural Network outperforms the hedonic model. Both techniques discover that sales and artwork variables have a greater impact than artist-related attributes. Second, when the primary factors of art price are controlled, Korean art prices are found to fall dramatically in 2020, shortly following the onset of COVID-19, but to rebound in 2021. The main lesson in this study is that the Artificial Neural Network enhances art price prediction and reduces information asymmetry in the Korean art market even in the face of unanticipated turmoil such as the COVID-19 outbreak.

• Journal of Digital Convergence
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• v.17 no.11
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• pp.61-70
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• 2019

The The government has recently announced its mid- to long-term plans for promoting art. With the advent of the 4th industrial revolution, contemporary art contents that are integrated with Intelligent Information Technologies such as Artificial Intelligence (AI), Virtual Reality (VR), and Big Data are being introduced, and social interest in humanities and creative convergence is rising. In addition, the industrialization of the art market is expanding amid the rising popularity of art among the general public and the growing interest of art as an investment replacement system, along with the strengthening of the creative personality education of our Education Ministry. Therefore, it is necessary to establish a strategy for transparency and revitalization of the art market by providing comprehensive information such as search functions, analysis data, and criticism by writer and price. This paper has established an information system plan for the establishment of an online supply system for art transaction information, providing auction transaction information for art market, providing report and news for art market, providing public relations platform, and providing art market analysis service and membership relationship management service. To this end, the future model was established through environmental analysis and focus analysis of the art market, and strategic tasks and implementation plans were established accordingly.

• The Journal of the Korea Contents Association
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• v.22 no.2
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• pp.630-646
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• 2022

This study examines online art platforms as a new type of informational technology and seeks to verify the impact of the user's perceived value and acceptance of new technologies on the behavioral intention about art platforms. For this, it was conducted to survey 489 users of the online art platform. Several emotional value, functional value, social value, and value for money were selected as perceived value variables, and performance expectancy, effort expectancy, and facilitating conditions were set as variables of new technology adaptation. As evident in the correlation with perceived values, emotional value and social value have a significant impact on all parameters of new technology adaptation, while functional values and value for money only affect facilitating conditions and behavioral intention, respectively. Furthermore, the impact of acceptance of new technologies confirms that performance expectancy and facilitating conditions affect behavioral intention. This study demonstrates the perceived value of online art platform users and the acceptance of new technologies. Therefore, it is expected that platform providers will be able to use it as primary data to understand and reflect user requirements.

• Korean Association of Arts Management
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• no.51
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• pp.135-166
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• 2019

Recently, the Japan Cultural Agency announced a plan for revitalizing the art market represented by reading museums (advanced art museums) to promote industry through strengthening the sustainability and economics of art museums. Along with these policy announcements, the Japanese cultural system and Bypyeongje are divided into pros and cons, and there has been a heightened opposition, which is now in a state where policy promotion has been temporarily suspended. The opposite reason is that it does not meet the museum's inherent purpose of preservation and lore, and the reason for favoring that commercialism can ruin the art world is that the Japanese art society is other than art museums and museums Also, it consists of non-profit organizations, art festival administration organizations, support staff, volunteers, etc., but because of the high subsidy bias, no real labor costs are paid, which means that it is virtually neglected. Also, there is a vigilance that the art society itself, which reduces its reliance on subsidies in response to social changes, can survive. Seeing that the situation is not much different from Japan, Korea is also actively discussing new establishments of the National Art Bank, performing art appraisal and evaluation functions for revitalizing art works, art loan, art trust, etc. There is. As it is difficult to solve realistic problems with subsidies from the future situation, it is difficult for us to expand investment in culture, and culture and economy are united and linked. You will find a plan to make it operational. In this regard, it is thought that the examination of the cultural and economic agency's strategy, represented by the Japanese advanced art museums, gives us a meaningful suggestion.

• MISULJARYO - National Museum of Korea Art Journal
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• v.101
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• pp.66-86
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• 2022

This paper focuses on the document "Property Ledger of Dr. Rhee," which was a supplement to the Disposal of the Late Dr. Rhee's Property written by the secretarial office of the Cheongwadae (the Korean presidential residence) in 1970. The document contains a list of 311 items, including furnishings and artworks, once owned by President Syngman Rhee. The items had been in the collection of the Cheongwadae, but in February 1970 they were transferred to the family of the late President Rhee. The background for creating this list is as follows. After the April 19 Student Revolution in 1960, a survey was conducted of Rhee's movable assets, including artworks in his private residence Ihwajang. Their transfer to the National Museum was discussed at one point, but it was decided to use them at the Cheongwadae instead. In 1963, however, the transfer of these assets to the National Museum was ordered, and some duplications of the private possessions were sent to Ihwajang House. In 1970, furnishings and artworks stored at the Cheongwadae were also returned to Ihwajang House, and the "Property Ledger of Dr. Rhee" document was produced. This ledger lists works by artists from the Joseon period through the 1960s. It is difficult to identify each of these artworks since no photos are attached and the details provided are minimal. Nevertheless, this ledger is valuable in that the scale of artworks in the collection of the Gyeongmudae (the former name for the Cheongwadae) and Ihwajang House can be partially identified and in that it helps us understand how the issues surrounding the reversion of ownership of these artworks were resolved.

• KLA journal
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• v.27 no.3
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• pp.10-30
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• 1986

• Korean Association of Arts Management
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• no.56
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• pp.189-215
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• 2020

This study aims to understand the process of valuing contemporary artworks by young and emerging artists via online art platforms. This paper conceptualizes Bourdieu's theory of cultural capital, which theoretically guides us for conducting a case study of Saatchi Art. This article mainly collected data by interviewing seven Korean artists who were selected by our case with the supplement information carried out direct observation and document reviews. By analyzing the gathered data, the key finding of this research is that the selection of artists in Saatchi Art's curatorial program implicitly admits and guarantees the value of their artworks. By doing so, it contributes to building symbolic capital for the selected artists. This article also contends that such construction of the artists' symbolic capital results from the accumulated symbolic capitals of the founder and curator of the online platform. The theoretical contribution of this paper is to expand previous research on valuing artworks in the offline art world into the online one.

• The Journal of the Convergence on Culture Technology
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• v.10 no.3
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• pp.731-737
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• 2024

This study conducted a quantitative research on the artistic perception and acceptance of value among buyers of commodified digital art known as NFT artworks. NFTs, digital assets, have shown rapid growth as investment products, but recently there has been a trend of declining value. However, NFT art, characterized by uniqueness and scarcity, continues to undergo continuous development to create new opportunities and values. Nonetheless, there are also negative opinions regarding NFT art itself as a form of technological art, as well as concerns about copyright disputes and fears of a bubble due to the conversion of physical artworks into NFTs. Predicting the value of artworks targeting specific demographics is difficult, and the value of innovative art such as NFT art, which changes along with the fluctuation of cryptocurrency values, is even more challenging to predict. Therefore, through research on the buyers who play a crucial role in the growth and development of this new form of art, the study aims to contribute to the expansion of NFT art.