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dc.contributor.authorHiggs, H
dc.contributor.authorWorthington, A
dc.contributor.editorHarry Bloch
dc.date.accessioned2017-05-03T15:14:02Z
dc.date.available2017-05-03T15:14:02Z
dc.date.issued2005
dc.date.modified2013-02-07T04:44:52Z
dc.identifier.issn0013-0249
dc.identifier.urihttp://hdl.handle.net/10072/15395
dc.description.abstractIn this study, 37,605 paintings by sixty well-known 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 and living status of the artist, the size and medium of the painting, and the auction house and year in which the painting was sold. The resulting index indicates that returns on Australian fine-art averaged seven percent in nominal terms over the period with a standard deviation of sixteen percent. As a result, the risk-adjusted return of 0.42 in the Australian art market is only slightly less than the risk-adjusted return of 0.44 in the Australian stock market over the same period. The hedonic regression model also captures the willingness to pay for perceived attributes in the artwork, and this shows that works by McCubbin, Gascoigne, Thomas and Preston and other artists deceased at the time of auction, works executed in oils or acrylic, and those auctioned by Sotheby's or Christie's are associated with higher prices.
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.format.extent219552 bytes
dc.format.extent52581 bytes
dc.format.mimetypeapplication/pdf
dc.format.mimetypetext/plain
dc.languageEnglish
dc.language.isoeng
dc.publisherBlackwell Publishing
dc.publisher.placeMelbourne
dc.publisher.urihttps://onlinelibrary.wiley.com/toc/14754932/2005/81/253
dc.relation.ispartofstudentpublicationN
dc.relation.ispartofpagefrom113
dc.relation.ispartofpageto123
dc.relation.ispartofedition2005
dc.relation.ispartofissue253
dc.relation.ispartofjournalThe Economic Record
dc.relation.ispartofvolume81
dc.rights.retentionY
dc.subject.fieldofresearchEconomics
dc.subject.fieldofresearchCommerce, Management, Tourism and Services
dc.subject.fieldofresearchcode14
dc.subject.fieldofresearchcode15
dc.titleFinancial returns and price determinants in the Australian art market 1973-2003
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.rights.copyright© 2005 Blackwell Publishing. This is the author-manuscript version of the paper. Reproduced in accordance with the copyright policy of the publisher.
gro.date.issued2005
gro.hasfulltextFull Text
gro.griffith.authorHiggs, Helen
gro.griffith.authorWorthington, Andrew C.


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