가격결정요인분석을 통한 미술품 온라인 경매 특성 연구 (Would online artwork auction be better than offline? Focusing on the impacts of price determinants on the fetching price)

서지정보

· 발행기관 : 한국경영학회
· 수록지 정보 : 경영학연구 / 41권 / 4호 / 789 ~ 808페이지
· 저자명 : 박지현, 신형덕

초록

본 연구에서는 2010년 6월부터 2011년 5월까지 1년의 기간 동안 한국미술품시가감정협회에서 수집한 국내 경매 데이터를 중심으로 미술품 경매가격에 영향을 미치는 요소를 온라인과 오프라인 경매의 비교를 통해 살펴보았다. 경매가격에 영향을 미치는 요인으로서 작품크기, 작가의 명성, 그리고 바탕소재를 알아보았으며, 분석 결과 오프라인 경매와는 달리 온라인 경매에서는 바탕소재가 작품의 가격에 유의한 영향을 미치지 않았으며, 작가의 명성은 두 경매에서 모두 작품의 가격에 유의한 영향을 미치는 것으로 나타났지만 온라인 경매에서 더 낮은 상관관계를 보였다. 즉 온라인 경매는 오프라인경매에 비해 낙찰가격에 대한 미술품 특성의 영향력이 대체로 유의하게 감소하는 것을 발견하였다. 또한 온라인 경매와오프라인 경매의 낙찰가를 비교한 결과 다른 가격결정 요인들을 통제한 상태에서 오프라인 경매에 비해 온라인 경매에서경매 추정가 대비 낙찰가의 비율이 유의하게 낮은 것을 발견하였다. 이를 통해 본 연구는 온라인 미술품 경매에서는 기존의 오프라인 경매에 비해 승자의 저주(winner's curse)가 완화될 수 있다는 실증적 시사점을 보여준다.

영어초록

As the interests of arts market and the investment increases, the artwork auction market is growing very quickly. The global artwork auction market has grown from $3.6 billion in 2004to $13 billion in 2010, and so did the domestic artwork auction market. With this expansion, a new area emerged: the online artwork auction market. Since 2006, as the offline artwork auction market grew very quickly, the online artwork auction market also grew quickly. Previous studies have suggested that the online artwork auction would be a reasonable alternative to offline artwork auction market. This study empirically shows if online artwork auctions could be better in mitigating winner's curse problems than traditional offline artwork auctions in Korea.
In this study, we used action fetching price data of 3,108 paintings by Korean artists which have been sold over the period from June 2010 to March 2011 provided by Korean Art Price Appraise Association. We analyzed the impacts of price determinants that were found in previous studies on the fetching price. The price determinants include artists' reputation,material of paintings, and size of paintings. We also controlled artists' survival status, types of objects paintings, and timing of the sales of the paintings.
First, artists' reputations have positive and significant influence on both online and offline auction fetching prices. To see the different impacts between online and offline action prices,we conducted t-test and found that the t-value of online auction(t-value= 6.737) was lower than that of offline auction(t-value=16.103). So we confirmed that online auction price is less affected by artist's reputation than offline auction price is. Second, material of paintings had different impacts on fetching prices of online and offline auctions. We found all positive and significant relationships between types of materials and offline auction fetching prices, but no relationships were found to online prices. Thus, material of paintings does have different impacts on online and offline fetching prices as expected.
Third, size of the paintings have significant impacts on both online and offline auction fetching prices. We couldn't find any difference between size impacts on fetching price of two auctions.
Thus, the hypothesis on this was not supported.
Next, we investigated if there are differences in the fetching prices compared to the estimate prices between online and offline auctions. We found that the average of online artwork auction fetching prices over estimate prices was 0.724, which was significantly lower than the average of offline fetching/estimate prices of 1.996. This means online bidders buy paintings at far lower price than offline bidders do.
We could figure out that the online art auctions have many differences compare to offline art auctions. The difference may come from the fact that online art auctions have more accessibility without space and time limitations than offline ones, and online buyers would be more sensitive to price due to the lack of first-hand looking.
The fact that online fetching prices compared to estimate prices are lower that offline cases would imply that online buyers could collect information actively not only from the information that auction company provides but also from other sources. It can be interpreted that online buyers would show more reasonable and rational behaviors than offline buyers. This may imply that online artwork auction market could be a proper alternative to offline artwork auction market where winner's curse problems exist. Thus, we empirically show and support the rational of the online artwork auction market.

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