Hedonic Pricing on the Fine Art Market
In conditions of the stock market instability the art assets could be considered as an attractive investment. The fine art market is very heterogeneous which is featured by uniqueness of the goods, specific costs and risks, various peculiarities of functioning, different effects and, hence, needs special treatment. However, due to the diversity of the fine art market’s goods and the absence of the systematic information about the sales, researchers do not come to the same opinion about the merits of the art assets conducting studies on single segments of the market. We make an attempt to investigate attractiveness of the fine art market for investors. Extensive data was collected to obtain a complete pattern of the market analyzing it within different segments. We use the Heckman model in order to estimate the art asset return and find out the most influential factors of art price dynamics. Based on the estimates obtained we construct monthly art price index and compare it with S&P500 benchmark.
This book provides numerous examples to support the first claim of a massive growth in the defining role of the market and its players during the art boom, who also increasingly have a say in establishing artistic value.
Article is devoted to problem solving of a lack of capital resources for realization of project portfolio on basis of revealed laws in financing, budgeting and capital rationing system in the company.
The article concerns Italian painters in the collection of Nikolai B.Yusupov and hisrelations with the european art market in Rome and Paris.
The article is devoted to the history of collection of French painting of N.B.Yusupov, his relationships with Parisian art market and modern French painters.
The instability of the stock market spurs investors to seek alternative ways of allocating financial resources. In this case, art assets could be considered as an attractive investment. Due to the uniqueness, specific costs, and risks inherent to the artworks, the fine art market is very heterogeneous and needs special treatment. In this article, we investigate attractiveness of the fine art market for investors in several ways. First, we construct hedonic art price indexes using the time dummy variable method based on the quantile regression. Secondly, we assess the art assets risk through CAPM model. Data include 536660 observations about oil paintings on auctions around the world during 2005–2015. According to the estimation results, the postwar paintings sold in the high price sector could be considered as an attractive sector for the investors but its acquisition is accompanied by a relatively high risk compared to the operation on the stock market.
On the basis of the data set for Claude Monet's pictures, sold on large auctions worldwide from April, 1997 till December, 2009, it is estimated hedonic regression model. We model the works price on the base of the number of its characteristics, such as: the size of a picture, techniques of execution and a material of a basis, an auction house, presence of signature/date, participation of work in exhibitions and a mention in the specialized editions, lot numbers and experience of the artist by the moment of the creation of the work. The estimated regression is significant and explains 76 % of a dispersion of the prices. The received estimations allows to reveal essential price deviations for the sold works from «fair» market, «to translate» qualitative distinctions between pictures in quantitative in terms of an expected market price.
The collection of articles is devoted to different aspects of art collecting and art market in France at the end of the 18th - beginning of the 19th centuries.
This article explores the sociocultural situation of the Petersburg Cooperative of Artists (Artel) and the Peredvizhniki and in doing so interprets the nature of Russian realist (in many respects, populist) art through the prism of the new reality artists of the time faced: the commodification of art and the commercialization of art’s circulation and distribution.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.