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  • Australian art market prices during the global financial crisis and two earlier decades

    Author(s)
    Higgs, H
    Griffith University Author(s)
    Higgs, Helen
    Year published
    2012
    Metadata
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    Abstract
    This study constructs a quarterly hedonic price index using 64,203 artworks, by seventy-one well-known modern and contemporary Australian artists, sold at auction houses over the period 1986-2009. The hedonic regression model includes characteristics such as name and living status of the artist, the size and medium of the painting, and the auction house, quarter and year in which the painting was sold. The resulting index indicates that returns on Australian fine-art averaged one percent in nominal terms over the period from quarter one 1986 to quarter four 2009 with a standard deviation of seventeen percent. During the ...
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    This study constructs a quarterly hedonic price index using 64,203 artworks, by seventy-one well-known modern and contemporary Australian artists, sold at auction houses over the period 1986-2009. The hedonic regression model includes characteristics such as name and living status of the artist, the size and medium of the painting, and the auction house, quarter and year in which the painting was sold. The resulting index indicates that returns on Australian fine-art averaged one percent in nominal terms over the period from quarter one 1986 to quarter four 2009 with a standard deviation of seventeen percent. During the global financial crisis spanning quarter one 2008 and quarter four 2009, the average art returns declined in nominal terms by close to six percent with a standard deviation of twenty-one percent. This study also shows that over the entire period the art market only marginally underperformed the stock and housing markets. The low correlations between these markets suggest the benefits of portfolio diversification.
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    Journal Title
    Australian Economic Papers
    Volume
    51
    Issue
    4
    DOI
    https://doi.org/10.1111/1467-8454.12001
    Subject
    Economics
    Financial economics
    Economic models and forecasting
    Commerce, management, tourism and services
    Publication URI
    http://hdl.handle.net/10072/51064
    Collection
    • Journal articles

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