Hedonic Indexes and Rates of Return on the Market of the Polish Paintings
Journal Title: Zarządzanie i Finanse - Year 2015, Vol 13, Issue 4
Abstract
The aim of the study is to compare the profitability of investing in art on the Polish auction market in the division into segments: XIXth-century painting and contemporary painting. The research sample contains auction records from the period 2007–2010 for the most popular artists in groups mentioned above. In the segment of XIXth-century painting highest average prices were reached by images of Joseph Brandt and Joseph Chełmoński whereas in the segment of contemporary painting – images of Jack Nowosielski. In all sections the distribution of prices is asymmetrical, right-skewed. On the base of hedonic regression model, taking into account qualitative and quantitative variables half-year hedonic price indexes in the examined segments were determined. It allowed to estimate rates of return and the investment risk. It was found that in the segment of XIXth-century painting the rate of return and risk are respectively –5.89% and 11.41% and in the section of contempotary painting the profitability is much higher and risk is lower amounting respectively 2.97% and 10.46%.
Authors and Affiliations
Anna Lucińska
Keywords
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