Financial returns, price determinants, and genre effects in American art investment
https://doi.org/10.38050/2078-3809-2022-14-1-40-67
Abstract
The art market has special characteristics that distinguish it from other markets: a fixed volume of supply, high heterogeneity and low liquidity of goods, high transaction costs. This affects the price management tools used by the main market participants. The purpose of this work is to identify key tools that are used by market participants to influence the sale price of paintings, as well as to highlight stable combinat,ions of these tools. Hedonic regression, principal component analysis and hierarchical clustering are used as analysis tools. On the example of the Russian art market, 4 groups of auction houses were identified, differing in the set of tools for managing the sale price of paintings.
About the Authors
D. A. Durmush
Lomonosov Moscow State University, Faculty of Economics
Russian Federation
Russian Federation
Derya A. Durmush, Bachelor of Economics
Moscow
A. G. Mirzoyan
Lomonosov Moscow State University, Faculty of Economics
Russian Federation
Russian Federation
Ashot G. Mirzoyan, Assistant
Moscow
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Review
For citations:
Durmush D.A., Mirzoyan A.G. Financial returns, price determinants, and genre effects in American art investment. Scientific Research of Faculty of Economics. Electronic Journal. 2022;14(1):40-67. (In Russ.) https://doi.org/10.38050/2078-3809-2022-14-1-40-67
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