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dc.contributor.authorWorthington, AC
dc.contributor.authorHiggs, H
dc.contributor.editorGuenther Schulze
dc.date.accessioned2017-05-03T15:14:04Z
dc.date.available2017-05-03T15:14:04Z
dc.date.issued2006
dc.date.modified2013-02-07T04:51:41Z
dc.identifier.issn0885-2545
dc.identifier.doi10.1007/s10824-005-9000-5
dc.identifier.urihttp://hdl.handle.net/10072/14008
dc.description.abstractIn this note, 30,227 paintings by fifty well-known modern and contemporary Australian artists sold at auction over the period 1973-2003 are used to construct a hedonic price index. The attributes included in the hedonic regression model include the name, age and living status of the artist, the number of works sold, the size and medium of the painting, and the auction house, month and year in which the painting was sold. The results indicate that returns on Australian modern and contemporary art averaged nearly five percent over the period with a standard deviation of sixteen percent. The results also show that a ten percent increase in the Australian stock market is associated with a 3.4 percent increase in the art market. Generally, artworks by artists deceased at the time of auction, larger works, works executed in oils, and those auctioned by Sotheby's or Christie's in July or August are associated with higher prices.
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.format.extent139708 bytes
dc.format.extent34030 bytes
dc.format.mimetypeapplication/pdf
dc.format.mimetypetext/plain
dc.languageEnglish
dc.language.isoeng
dc.publisherSpringer
dc.publisher.placeUS
dc.relation.ispartofstudentpublicationN
dc.relation.ispartofpagefrom73
dc.relation.ispartofpageto84
dc.relation.ispartofedition2006
dc.relation.ispartofissue1
dc.relation.ispartofjournalJournal of Cultural Economics
dc.relation.ispartofvolume30
dc.rights.retentionY
dc.subject.fieldofresearchApplied economics
dc.subject.fieldofresearchcode3801
dc.titleA note on financial risk, return and asset pricing in Australian modern and contemporary art
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.rights.copyright© 2006 Springer-Verlag. This is the author-manuscript version of this paper. Reproduced in accordance with the copyright policy of the publisher.
gro.date.issued2006
gro.hasfulltextFull Text
gro.griffith.authorHiggs, Helen
gro.griffith.authorWorthington, Andrew C.


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