Work detail

Analysis of Price Determinants in the Art Market

Author: Bc. Elena Mizeráková
Year: 2016 - summer
Work type: Bachelors
Language: English
Pages: 65
Awards and prizes:
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


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