Which Part of the Chinese Art Market Is More Worth Investing In? Applying the Quantile Regression to Analyze Chinese Oil Paintings 2000–2014

Fang Wang

Emerging Markets Finance and Trade, 2017, vol. 53, issue 1, 44-53

Abstract: This article uses a quantile regression approach to analyze the structure of the hedonic characteristics of 12,701 Chinese oil paintings sold at auctions in China and Hong Kong during the period 2000–2014. A hedonic model for both the full sample and the 0.20, 0.40, 0.60, 0.80, and 0.95 quantiles of the price distribution is estimated. The result indicates that noticeable differences exist in painting characteristics across different price ranges. The empirical evidence also suggests that highly priced Chinese oil paintings have both higher expected returns and less risk than those that are priced lower, which appear to be favorable assets to invest in.

Date: 2017
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DOI: 10.1080/1540496X.2016.1145113

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