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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 53, No. 4, pp.789-805
ISSN: 1226-1874 (Print)
Print publication date 31 Aug 2024
Received 05 Dec 2023 Revised 28 Mar 2024 Accepted 08 Apr 2024
DOI: https://doi.org/10.17287/kmr.2024.53.4.789

경매 추정가와 예술품 수익률

류지예 ; 김진희 ; 홍기훈
(주저자) 홍익대학교 일반대학원 문화예술경영학과 rjy1524@naver.com
(교신저자) 홍익대학교 경영학과 jh_kim@hongik.ac.kr
(공저자) 홍익대학교 경영학과 khhong@hongik.ac.kr
Presale Price Estimates and Return on Art Works
Jiye Ryu ; Jinhee Kim ; Kihoon Hong
(First Author) Arts and Cultural Management, Hongik University rjy1524@naver.com
(Corresponding Author) College of Business Administration, Hongik University jh_kim@hongik.ac.kr
(Co-Author) College of Business Administration, Hongik University khhong@hongik.ac.kr


Copyright 2024 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.

초록

본 연구는 경매 추정가 편향 여부 및 추정가와 예술품 수익률 간의 관계를 분석하였다. 분석 결과 가격이 낮은(높은) 작품의 추정가는 상향편향(하향편향) 시키는 경향을 보였다. 이러한 결과는 국내 예술품 시장의 특성에서 기인한다. 저가의 작품들은 거래량이 많아 추정가 상향편향을 통해 높은 수수료를 챙기고자 함이다. 반면에 고가의 작품들은 거래량이 적어 추정가를 하향편향시켜 낙찰률을 높이고자 함이다. 추가 분석 결과 추정가가 높을수록 수익률이 높아지고, 추정가의 불확실성이 높아지면 수익률이 낮아졌다. 이러한 결과를 통해 국내 예술품 시장 투자자들 역시 추정가의 영향을 받는다는 것을 알 수 있다.

Abstract

This paper examines the biased price estimates and the relation between price estimates and return on art works. Using Korean auction price data from 1999 to 2022, we find that auctioneer presale price estimates are biased. However, it shows different pattern based on the sale price of art works. Price estimates are biased upward for low-priced art works but downward for high-priced art works. This result comes from the fact that the transaction volume of high-priced artworks are low, but that of low-priced art works are high. Thus, auctioneers tilt their estimates downward for expensive art works to increase the probability of transaction. On the other hand, auctioneers try to provide the high price estimates for inexpensive art works, as they can increase the winning price and in turn their commissions from the sale. Price estimates also affect the return on art works. The higher the price estimates, the higher the return. However, the greater uncertainty on price estimates lowers the return. Overall, our study suggest that art investors are likely to be influenced by price estimates.

Keywords:

Art works, Price Index, Biased Price Estimates

키워드:

예술작품, 가격지수, 추정가 편향

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∙ 저자 류지예는 현재 홍익대학교 문화예술경영학과 박사 재학 중이다. 명지대학교 미술사학과를 졸업하였으며, 홍익대학교에서 문화예술경영학 석사를 취득하였다. 주요연구분야는 예술금융, 디지털금융, 혁신금융 등이다.

∙ 저자 김진희는 현재 홍익대학교 경영대학 재무 전공 조교수로 재직 중이다. 연세대학교 경영학 학부, 서울대학교 경영학 석사 졸업 후 미국 Purdue University에서 재무 박사학위를 취득하였다. 박사학위 취득 후 University of Virginia Darden School of Business에서 박사후 연구원으로 일했었다. 주요 연구분야는 기업재무, 가버넌스, 행동기업재무, ESG, 예술금융 등이다.

∙ 저자 홍기훈은 홍익대학교 경영대학 재무분과에 부교수로 재직하고 있다. 경제학 박사학위를 가지고 있고 연구주제는 계량금융, 금융계량경제, 위험관리, 대체투자, 가상자산, 예술금융, ESG금융이다.