• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.11
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• pp.5403-5410
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• 2013

This study investigated the effect of symbolic meanings of the artwork objectives on auction price. Based on Buck(1948)'s House-Tree-People(H-T-P) model, we hypothesized that symbolic meanings of these objectives invoke preferences of bidders and increase the price. Using 402 auction price data from June 2010 to May 2011, we found that an artwork including house and people tend to be auctioned off at a higher prices than the artwork without them. This study confirmed that Buck's model can be used to determine artwork price, suggesting that symbolic objectives in the artwork do affect its price.