當代藝術拍賣價格決定因素分析
來源： Bowman, Mike. 2022. “Determinants of the Price Paid at Auctions of Contemporary Art for Artworks by Twelve Artists.” Arts 11: 66. https://doi.org/10.3390/arts11030066
簡報摘要：
本文利用迴歸模型，分析12位當代藝術家的作品在拍賣會上的價格決定因素。與以往研究不同的是，本文針對每位藝術家建立獨立模型，並探討了作品標題類型、藝術家創作時的年齡、作品尺寸、媒材、拍賣行和地點等因素如何影響拍賣價格。研究結果揭示了收藏家對不同因素的偏好，以及當代藝術拍賣市場的變化趨勢。
主要主題：

1. 迴歸模型的應用：

• 文章採用迴歸模型（或稱「享樂模型」）來分析影響藝術品拍賣價格的因素。這種模型將藝術品視為一系列特徵的組合，每個特徵都具有不同的價值。
• 作者針對每位藝術家建立獨立模型，以探討特定藝術家及其作品的影響因素，而不是像過去研究那樣分析整個藝術市場或特定類別的平均值。
• 作者強調，這種方法能更精確地呈現收藏家對特定藝術家作品的偏好，並揭示在整體平均值中被掩蓋的差異。

1. 標題類型的重要性：

• 研究發現，對於12位藝術家中的9位，收藏家明顯偏好具有特定標題的作品，而不是無標題或具有通用標題（例如「抽象」、「構圖」）的作品。
• 文章指出，特定標題可以更明確地識別作品，使其在同一藝術家的其他作品中脫穎而出，並有助於其意義的詮釋。
• 研究也提到，心理學研究表明，有意義的標題可以正面影響觀眾對藝術品的理解和喜愛。

1. "For nine of the twelve artists, there was a clear preference among collectors for paintings presented at auction with specific titles."
2. "Compared with a generic title, a specific title more definitively identifies the work, singling it out from other works by the same artist, and contributes more to the meanings it is given."
3. 尺寸與媒材的影響：

• 研究發現，作品尺寸是影響拍賣價格的重要因素，且與以往研究相比，本文研究的藝術家作品尺寸對價格的影響更大。
• 對於大多數藝術家而言，收藏家並未因尺寸過大的作品而卻步。
• 油畫仍然吸引一些收藏家，即使是挑戰藝術史傳統的藝術家，其油畫作品在拍賣會上也享有溢價。

1. "Size was a stronger driver of the price paid at auction than in the contexts examined in earlier studies, and collectors were not deterred by the largest works of art."
2. "Paintings in oil have continued to appeal to some collectors and even paintings in oil by artists who consciously challenged art historical traditions such as Martin Kippenberger commanded a premium at auction."
3. 藝術家年齡的影響：

• 儘管樣本數不多，但研究結果顯示，藝術家創作時的年齡可能會影響拍賣價格，這值得進一步研究。
• 與之前的研究相比，本文的研究結果揭示了不同的年齡與價格關聯模式，並指出需要結合藝術家的傳記、藝術史家的詮釋以及拍賣行的行銷策略來理解這些關聯。

1. "Although the number of artists looked at is small, there are some suggestive patterns in how the age of the artist at execution affected the auction price, which might merit further investigation."
2. 拍賣行和地點的影響：

• 研究發現，將作品委託給蘇富比（Sotheby's）和佳士得（Christie's）拍賣行，以及在紐約和倫敦這兩個主要的當代藝術拍賣中心出售，通常能為賣家帶來溢價。
• 對於部分藝術家，在他們原籍國出售也可能帶來溢價，但對其他藝術家則不然。
• 文章也指出，拍賣行、藝術博覽會、經銷商和藝術博物館等機構的推廣活動，對當代藝術拍賣市場頂端作品的價格具有推動作用。

1. "For some artists, a painting consigned for sale at Sotheby’s and Christie’s delivered a premium to sellers, as did sales in what were the two major centers for the contemporary art auction market, New York and London."

重要觀點與事實：

• 模型解釋能力： 作者的模型對拍賣價格的變異有著良好的解釋能力，通常能解釋 71% 到 86% 的變異，優於文獻中其他關於藝術市場的迴歸模型。
• "As can be seen from Table 2, my models give an explanation of between 71% and 86% of the variation in the price achieved at auction for all artists bar A. R. Penck."
• 特定標題的價值： 對於大多數藝術家而言，具有特定標題的作品平均售價明顯高於具有通用標題的作品。

• 油畫的溢價： 在許多情況下，油畫作品的售價高於其他媒材的作品，顯示出收藏家對傳統媒材的偏好。
• 收藏家偏好的差異： 研究結果顯示，收藏家對不同藝術家的作品偏好存在顯著差異。例如，在 Gerhard Richter 的抽象畫作中，收藏家對不同標題類型的作品沒有明顯偏好，這可能與 “Abstraktes Bild” 標題的品牌效應有關。
• 藝術市場的變化： 研究結果顯示，當代藝術拍賣市場正在經歷變化。例如，亞洲藝術家在市場中的份額越來越大。

結論：
本文透過迴歸模型分析，揭示了當代藝術拍賣市場中複雜的價格決定因素，並強調了標題類型、作品尺寸、媒材、藝術家年齡、拍賣行和地點等因素的重要性。研究結果不僅對藝術史研究具有學術價值，也為藝術市場的參與者提供了有用的參考資訊。
未來研究方向：

• 擴大研究對象，納入更多藝術家和作品類型。
• 深入探討藝術家年齡對拍賣價格的影響機制。
• 研究特定標題與作品意義之間的關聯。
• 持續追蹤當代藝術市場的變化趨勢。

引用文獻：

• 文中所有引用皆來自於所提供的原始文獻。

備註：
此簡報文件旨在總結原始文章的主要內容，可能無法包含所有細節。如需深入了解，請參考原始文章。

Document Title: Determinants of the Price Paid at Auctions of Contemporary Art
Source:
Bowman, Mike. 2022. “Determinants of the Price Paid at Auctions of Contemporary Art for Artworks by Twelve Artists.” Arts 11: 66. DOI: 10.3390/arts11030066
Abstract Summary:
This paper applies regression modeling to analyze the determinants of auction prices for artworks by 12 contemporary artists. Unlike previous studies, the author develops individual models for each artist, exploring how factors such as title type, the artist's age at execution, artwork size, medium, auction house, and location influence auction prices. The findings reveal collectors' preferences for these factors and the evolving trends within the contemporary art auction market.
Key Topics:
1. Application of Regression Models:

• Regression models (or "hedonic models") are used to analyze the factors influencing auction prices, treating artworks as bundles of characteristics with individual value.
• Separate models for each artist reveal collectors’ preferences, highlighting variations masked in broader market averages.
• This approach provides nuanced insights into artist-specific influences on prices.

2. Significance of Title Type:

• For 9 out of the 12 artists, collectors showed a clear preference for artworks with specific titles over those with untitled or generic titles (e.g., “Abstract,” “Composition”).
• Specific titles help distinguish works, enhancing their identity and interpretive significance.
• Psychological studies suggest that meaningful titles can positively influence viewers' understanding and appreciation of artworks.
• Key Quote:"For nine of the twelve artists, there was a clear preference among collectors for paintings presented at auction with specific titles."

3. Impact of Size and Medium:

• Artwork size significantly affects auction prices, with larger works generally commanding higher prices.
• Collectors were not deterred by the largest works, a contrast to findings in earlier studies.
• Oil paintings continue to fetch premiums, even for artists challenging traditional conventions.
• Key Quote:"Size was a stronger driver of the price paid at auction than in the contexts examined in earlier studies."

4. Effect of Artist’s Age at Execution:

• While limited in sample size, the study suggests a potential link between the artist's age at execution and auction prices.
• Results differ from previous studies, highlighting the need to consider artists’ biographies and market strategies to understand these correlations.
• Key Quote:"Although the number of artists looked at is small, there are some suggestive patterns in how the age of the artist at execution affected the auction price."

5. Influence of Auction House and Location:

• Consigning works to Sotheby’s and Christie’s, or selling in major hubs like New York and London, often results in higher prices.
• In some cases, sales in the artist’s home country yield premiums, while for others, no such advantage is observed.
• Key Quote:"For some artists, a painting consigned for sale at Sotheby’s and Christie’s delivered a premium to sellers, as did sales in New York and London."

Key Insights and Facts:

• Model Performance:
• The models explain 71% to 86% of the variation in auction prices, outperforming previous studies.
• Key Quote:"My models give an explanation of between 71% and 86% of the variation in the price achieved at auction for all artists."
• Value of Specific Titles:
• Specific titles result in higher average prices for most artists.
• Oil Painting Premium:
• Oil works often sell for significantly more, reflecting collectors' preference for traditional media.
• Collector Preferences:
• Differences in preferences were evident, such as Gerhard Richter collectors showing no significant preference for title types, possibly due to the "brand effect" of the term "Abstraktes Bild."
• Market Trends:
• The study highlights the growing prominence of Asian artists and shifting market dynamics in contemporary art auctions.

Conclusion:
This study unveils the complexity of price determinants in contemporary art auctions, emphasizing the significance of title type, artwork size, medium, artist age, auction house, and location. The findings are valuable for both academic research in art history and practical insights for market participants.
Future Research Directions:

1. Expand the sample to include more artists and diverse artwork types.
2. Investigate mechanisms linking artist age to auction prices.
3. Explore the relationship between specific titles and artwork meaning.
4. Monitor evolving trends in the contemporary art market.

Citation:
Bowman, Mike. 2022. “Determinants of the Price Paid at Auctions of Contemporary Art for Artworks by Twelve Artists.” Arts 11: 66. DOI: 10.3390/arts11030066

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