Do emerging art market segments have their own price dynamics? Evidence from the Chinese art market

Abstract

This paper mainly examines the nonlinear dynamics in the price series of the Chinese art market segments over the period from 2000 and 2018. We employ the hedonic price model to construct price indices of the Chinese art market segments and then investigate the nonlinearities and regime switching properties of individual art segment by a series of Markov switching model specifications. We argue that occasional shocks would only temporarily alter their data generating processes and have transitory rather than permanent effects. Our findings have implications for market participants in identifying the price characteristics and dynamic behaviors of art market segments.

Cite this work

No public copy is stored for this record, so only the metadata is cited.

Stored only when both papers are in the corpus — 6 citations exist upstream.

Papers that cite the same references — the relational fallback while embeddings are still backfilling.