A Note on Financial Risk, Return and Asset Pricing in Australian Modern and Contemporary Art |
| |
Authors: | Andrew C Worthington Helen Higgs |
| |
Institution: | (1) School of Accounting and Finance, University of Wollongong, Wollongong, New South Wales, 2522, Australia;(2) Griffith Business School, Griffith University, Gold Coast, Queensland, 9726, Australia |
| |
Abstract: | In this note, 30,227 paintings by fifty well-known modern and contemporary Australian artists sold at auction over the period
1973–2003 are used to construct a hedonic price index. The attributes included in the hedonic regression model include the
name, age and living status of the artist, the number of works sold, the size and medium of the painting, and the auction
house, month and year in which the painting was sold. The results indicate that returns on Australian modern and contemporary
art averaged nearly five percent over the period with a standard deviation of sixteen percent. The results also show that
a ten percent increase in the Australian stock market is associated with a 3.4 percent increase in the art market. Generally,
artworks by artists deceased at the time of auction, larger works, works executed in oils, and those auctioned by Sotheby's
or Christies in July or August are associated with higher prices. |
| |
Keywords: | risk and return asset pricing art investment |
本文献已被 SpringerLink 等数据库收录! |
|