中国艺术品投资收益:离岸与在岸市场的特征和互动

Journal of Financial Research

2019, Vol. 468

Issue (6): 188-206 DOI:

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Chinese Art as an Investment: Characteristics and Interactions in Offshore and Onshore Markets

HUANG Jun,LI Yuexin

School of Applied Economics, Renmin University of China

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Abstract  Summary: In the past 20 years, Chinese art markets have become among the most important art auction markets globally. Since 2009, the turnover of Chinese art markets has been comparable in magnitude to those of the United States and the United Kingdom. According to statistics from the China Association of Auctioneers (CAA), the total turnover of Chinese art in mainland China and overseas regions accounted for 36% of the total global art auction turnover in 2017. The driving forces behind Chinese art markets' development are the abundant supply of Chinese cultural resources, rapid economic growth, and the growing wealth of collectors and investors. As art is an asset class and a consumption good, it derives both financial returns and aesthetic value. In addition, because artworks are not standardized assets and art markets are not transparent, risks and returns can both be very high. Amid the rise of China's wealthy population, art is often used as an asset allocation tool.
   Since the beginning of the 20^th century, many Chinese cultural relics have flowed abroad, usually to prosperous areas. Chinese onshore art markets are mainly concentrated in Beijing, and the offshore markets are concentrated in Hong Kong, New York and London. Chinese art has attracted the attention of international investors, and overseas auction houses have increased the number of Chinese art auctions. The overseas offshore market has become an important source of Chinese art auctions. Due to differences in Eastern and Western tastes, however, painting and calligraphy are the major categories in mainland China, while antiquesantiques, porcelain and jade artworks are more popular overseas.
   This paper investigates the performances and characteristics of major offshore and onshore Chinese art markets, including the major art auction markets in Beijing, Hong Kong, New York and London. This paper applies the Artron AMMA database of global Chinese art auction observations from 2000 to 2017 and computes global Chinese art price indices for Beijing, Hong Kong, New York and London. A hedonic model is used to construct these indices, which cover over 300,000 auction observations of Chinese paintings and calligraphies in major auction markets. The results show that the Beijing and Hong Kong markets are the two largest onshore and offshore art auction markets, and they have similar price trends.
   In addition, repeat sales are used to investigate the flows of Chinese art in offshore and onshore markets. Returns in the New York and London markets are lower than those in Beijing and Hong Kong; investors received the highest returns when their artworks were bought in Beijing and later sold in Hong Kong. The premiums in Hong Kong attract investors and collectors to this region, the largest offshore Chinese art market. Hong Kong's mature and safe investment environment contributes to the prosperous art market.
   The main contributions of this paper are as follows: (1) Based on auction observations of the world's major Chinese art markets, a hedonic pricing model is used to construct onshore and offshore art price indices to offer a more complete picture of Chinese art auction markets. (2) In addition, this paper compares characteristics of Chinese art across offshore and onshore markets in Beijing, Hong Kong, New York and London. (3) This paper also uses repeat sales sample to investigate the motivations and preferences of Chinese buyers. (4) Lastly, it offers a new perspective on the dynamics of offshore and onshore markets.
   The paper is organized as follows. After an introductory first section, the second section reviews the literature. The third section introduces the methodology and data sources. The fourth section analyzes the price indices and returns of Chinese art. In the fifth section, the connection between offshore and onshore art markets is explored. The sixth section concludes.

Key words： Chinese Art Markets Offshore and Onshore Markets Risk and Return Portfolio Diversification

Received: 13 September 2018 Published: 27 June 2019

JEL分类号:	G11
	G12
	Z11

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Cite this article:

HUANG Jun,LI Yuexin. Chinese Art as an Investment: Characteristics and Interactions in Offshore and Onshore Markets[J]. Journal of Financial Research, 2019, 468(6): 188-206.

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http://www.jryj.org.cn/EN/ OR http://www.jryj.org.cn/EN/Y2019/V468/I6/188

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