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dc.contributor.authorHiggs, Helenen_US
dc.contributor.authorWorthington, Andrewen_US
dc.contributor.editorHarry Blochen_US
dc.date.accessioned2017-04-24T12:44:08Z
dc.date.available2017-04-24T12:44:08Z
dc.date.issued2005en_US
dc.date.modified2013-02-07T04:44:52Z
dc.identifier.issn00130249en_US
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.en_US
dc.description.peerreviewedYesen_US
dc.description.publicationstatusYesen_US
dc.format.extent219552 bytes
dc.format.extent52581 bytes
dc.format.mimetypeapplication/pdf
dc.format.mimetypetext/plain
dc.languageEnglishen_US
dc.language.isoen_US
dc.publisherBlackwell Publishingen_US
dc.publisher.placeMelbourneen_US
dc.publisher.urihttp://www.blackwellpublishing.com/journal.asp?ref=0013-0249en_US
dc.relation.ispartofstudentpublicationNen_US
dc.relation.ispartofpagefrom113en_US
dc.relation.ispartofpageto123en_US
dc.relation.ispartofedition2005en_US
dc.relation.ispartofissue253en_US
dc.relation.ispartofjournalThe Economic Recorden_US
dc.relation.ispartofvolume81en_US
dc.rights.retentionYen_US
dc.subject.fieldofresearchcode340402en_US
dc.subject.fieldofresearchcode340400en_US
dc.titleFinancial returns and price determinants in the Australian art market 1973-2003en_US
dc.typeJournal articleen_US
dc.type.descriptionC1 - Peer Reviewed (HERDC)en_US
dc.type.codeC - Journal Articlesen_US
gro.rights.copyrightCopyright 2005 Blackwell Publishing. This is the author-manuscript version of the paper. Reproduced in accordance with the copyright policy of the publisher.en_US
gro.date.issued2005
gro.hasfulltextFull Text


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