臺灣藝術市場指數建構之研究─以前輩畫家為例

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2009

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指數如同市場資訊的重點圖示,是許多投資人的初步參考工具,自90年代以來,歐美藝術品拍賣會屢創新天價,吸引大眾矚目,以藝術品為內容的「藝術指數」便在此勢下成為市場研究的新寵,也啟發了本研究對此新議題的好奇。 對於藝術指數是甚麼,存在的意義為何,該如何建立,以及藝術品在投資獲利上與其他品項之間的關係為何,臺灣是否有可能在市場日漸擴成長的未來建立藝術指數,這些問題皆為本研究欲釐清的面向,目前國內有關藝術市場方面的研究論文,雖有從投資報酬率的計算與個別藝術家市場行情方向出發的研究,但尚未有以藝術指數為題的探討,值得用前導研究廣納資訊的角度開發此議題。 本研究使用文件分析法、參與觀察法、個案研究法、市場調查法、量化研究法,選定「Artprice」、「梅摩指數」、「雅昌指數」三個具有代表性的個案,比較不同的設計邏輯與規模各異的建立方法;接著立足臺灣藝術市場的時空背景,進行建構藝術指數的可能性探究,最後嘗試以陳澄波、廖繼春、李梅樹、楊三郎、李石樵等五位前輩畫家為例,設計「臺灣前輩藝術家油畫市場指數」,做為臺灣建構藝術指數的參考,最後與臺灣的總體經濟、房地產市場、金融市場進行相關性分析,探求藝術市場與其他市場的關係為何。 經整理與分析,認識到建立藝術指數要先有透明、可信的藝術品價格資料庫為基礎,取樣的藝術家必須兼具學術與市場代表性,建構方法應考慮到藝術品的異質性商品、流通率低、無法有密集的公開價格等特性;另外,相較於房地產或金融市場,藝術市場的規模較小,儘管經濟景氣可能會影響到藝術市場,但藝術市場卻很少影響到整體經濟情況;研究過程中也發現臺灣的藝術品在拍賣會上有逐漸被稀釋的現象,所占比例越來越少。後續建議臺灣應維持市場的正常運作機制,配合政策與法規,藉以擴大藝文消費人口,若要建構藝術指數應及早建立完整的價格資料庫或尋求合作對象,以利後續建立、開發指數,並須慎選樣本藝術家、注意時間序列與基期的安排,方可建構可客觀反映臺灣藝術市場的指數。
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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藝術市場, 藝術指數, 藝術投資, Art Market, Art Index, Art Investment

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