| Summary: | 碩士 === 國立臺灣師範大學 === 美術學系 === 97 === Index is the preliminary reference for investors, and it pinpoints the focus of market information. Since the 90’s, the price of art auctions in Europe and the U.S. has broken its record high, and has caught the attention of the mass. Art index has thus become a trend in market research, and it motivates the researcher to conduct a study on this new issue.
In this study, the researcher aims to find out the answer to the following questions: (i) What is art index? (ii) Why does it exist? (iii)How can it be initiated? (iv)What is the relationship between the profit return of art pieces and other investments (such as gold, real estate, and stocks)? And (v) Is it possible for Taiwan’s expanding art market to set up its own art index in the future? Despite the fact that some domestic researchers have conducted studies on the return on investment (ROI) of art pieces and individual artist market prices, none of them have done research on the art index. Therefore, the researcher conducted a pilot study to explore the new topic.
This study adopted the following research methods: document, participant observation, case study, marketing research, as well as a quantitative approach. Three representative cases, including the Artprice, Mei Moses Art Index, and Arton Index, are chosen so as to compare their design logic and their market scale. And then, based on the background of Taiwanese art market, the researcher explores the possibility of constructing an art index on Taiwan.
Lastly, this study tries to build up the Taiwan Older Generation Artists’ Oil Painting Market Index based on the cases of five older generation artists painted oil painting in Taiwan, inclusive of Chen, Cheng-Bo, Liao, Ji-Chun, Li, Mei-Shu, Yang, San-Lang, and Li, Shi-Qiao. The index is also compared to Taiwan’s macro-economy, real estate market, and financial market in order to investigate the relationship among the art market and other markets.
The research results indicate that to construct an art index it is a necessary to have a public and trustworthy art pieces price database. The sample artists should be representative of both the academics and the market; and the characteristics of art pieces—such as their heterogeneity, low liquidity, few conclusions of transactions and difficulty in obtaining price information—should be taken into consideration when building up an art index. Furthermore, compared to the real estate market or financial market, the scale of art market is smaller. Even though the art market could be influenced by the business cycle, it is seldom impacted by the economic climate.
This study also discovered that the number of Taiwanese art pieces has been decreasing in auctions. Thus, the researcher recommends that Taiwan should maintain its normal art market system and cooperate with governmental policies and regulations to enlarge the art market. To construct the art index, it is crucial to build a complete price database or search for cooperators, because these approaches are beneficial to setting up and discovering the art index. Moreover, it is also critical to select appropriate sample artists and pay attention to the arrangements of time sequence and the base year. With that said, an art index that objectively reflects Taiwanese art market can therefore be constructed.
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