Transformations  in
Business & Economics

THE PRICE OF ARTWORKS IN 2020: EXAMINING THE ELEMENTS WITH IMPACT ON THE APPRAISEMENT OF ART PIECES
Vasile Dinu, Violeta Mihaela Dinca, Alina Mihaela Dima, Mihai Andronie

ABSTRACT. The aim of this scientific article is to examine the Romanian art market regarding the sale of paintings from the time interval of 2008-2018 within two powerful auction houses in Bucharest, Romania. More precisely, this research assesses what are the elements which influence the prices of paintings by making an analysis of their features, the moments of sale and the effects of economic downturn visible within the 2010s'. A regression model was applied with the scope of ascertaining which characteristics have an effect on the final price. The most important results show that the size, the subject of the painting being a portrait, the author being an artist belonging to the "Great masters" movement, the existence of a signature and the presence of a monogram have a positive effect on the prices; simultaneously the paintings which treat landscapes as the theme and the fact of the artwork being framed have a negative impact. Moreover, this research uncovered that the effects of the economic recession in 2008-2009 had steady repercussions, the prices suffering a negative trend between 2008 and 2011 with a gradual rebound being visible from 2012 to 2018.

KEYWORDS:  art market, prices establishment, paintings' sales, regression model.

JEL classification:  D44, D84, G12, Z11.