Journal of Information Technology Applications and Management

Korea Data Strategy Society (한국데이터전략학회)
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Application of Hedonic Price Model to Korean Antique Art Data

한국 고미술품 가격 데이터를 이용한 헤도닉 모형 분석

  • Yang, Mun Sil (Department of Culture-Art Business Administration in the Graduate School of Chung-Ang University) ;
  • Lee, Yoo Woo (Department of Business Administration in the Graduate School of Chung-Ang University) ;
  • Song, Jeongseok (School of Economics, College of Business and Economics, Chung-Ang University)
  • Received : 2016.07.17
  • Accepted : 2016.10.17
  • Published : 2016.12.31
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Abstract

According to the price-decline effect, the art auction prices are known to decrease with the order of auction sale. Our empirical study investigates the presence for the price-decline effect using the data for Korean antique art hosted by the Seoul Auction in September, 2015. We apply the Hedonic price model to the data and examine the relation between the sale order and auction price. Our empirical evidences show that the well-known price decline effect is not present for the case of Korean antique auction in 2015. We confirm our results by estimating the ordered probit model. From the view of the price-decline effect, our results suggest that the Korean antique auction data exhibits different characteristics from most of the foreign art auction data.

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References

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