Price determinants and genre effects in the Korean art market: a partial linear analysis of size effect |
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Authors: | Joonwoo Nahm |
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Institution: | (1) Department of Economics, Sogang University, 1 Sinsu-dong, Mapo-gu, Seoul, 121-742, South Korea |
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Abstract: | This paper examines the price determinants of paintings in the Korean art market in the context of a hedonic price regression
to investigate whether the hypothesis of the modified unit pricing system holds for the pricing of Korean modern and contemporary
paintings. Using Korean auction data, I show that the parametric results provide overwhelming evidence that Korean art pricing
does not function in accordance with the modified unit pricing scale. However, I re-examine this hypothesis using a semiparametric
partial linear regression that does not require the prespecification of a functional form prior to estimation. Rather, the
semiparametric approach allows the data to determine the exact form of the size-price profile. This result confirms that the
modified unit pricing system applies to the Korean contemporary and modern painting market. |
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