Analysis of Price Determinants in the Art Market
| Author: | Bc. Elena Mizeráková |
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| Year: | 2016 - summer |
| Leaders: | |
| Consultants: | |
| Work type: | Bachelors |
| Language: | English |
| Pages: | 65 |
| Awards and prizes: | |
| Link: | https://is.cuni.cz/webapps/zzp/detail/165747/ |
| Abstract: | What qualities make the best-selling artworks worth so much? Does the interest of the general public influence the probability that the art will be sold in auction? The art market research focuses on various aspects that affect the potential of art as an investment. The boom of big data offers a unique opportunity to utilize its global impact and improve the present models with a novel measure. Into the econometric analysis of auction results the thesis implements a change in the Internet searching volume provided by Google Trends as a reflection of the taste and the state of mind of society. The subject of the detailed discussion are not only the price determinants, but also the factors that affect the selling probability. The findings lead to a conclusion that the proposed measure based on Google Trends is significant for determining both, the odds of selling the artwork and its price. Beside that, an important effect on the price and the probability have auction houses, the personal brand of the artist or the medium of artwork |
