華人藝術家包含臺灣藝術家之作品，近年來隨著中國經濟崛起受到更多關注，並且已成為新興的投資商品，吸引眾多資金湧入，卻鮮少研究觸及此議題。本文以從西元1989年至2016年在臺華人藝術家的作品為樣本，透過特徵價格模型法（Hedonic Pricing Model）探討藝術拍賣品外在屬性特徵與社會、經濟環境的變化對藝術拍賣品成交價的影響。

本研究的創舉如下：（一）、社會變動並非藝術品的屬性特徵，以實證資料探討藝術家生命史與藝術品拍賣價之間的關係，並證實藝術家一生中所面臨的事件，確實對其作品拍賣價有影響；（二）、以約30000筆拍賣資料一覽臺灣畫作與攝影作品拍賣市場的全貌，並且與世界拍賣市場比較，臺灣藝術品市場亦符合世界趨勢。

本研究的價值在於透過分析結果，即知在臺華人藝術家在何特定時期與年齡所作之作品會出現高價，可作為投資藝術拍賣品之參考。

China's rapid path to economic development has drawn attention to Chinese artists artwork auction market, Taiwanese artists also included. Artwork has become an emerging investment. However, there was not abundant research to this issue. This research is based on Taiwanese artists auction data from 1989 to 2016, and utilized Hedonic Pricing Model to analyze the relationship between artwork’ hammer price, social change, and economic change.

The innovations of this research were: (1) By no means is social change artwork’s characteristics, but it was discussed empirically to prove the influence caused by occurrences in an artist’s life; (2) About 30,000 auction data shed light on overview of Taiwanese painting and photograph’s auction market. The comparison with world market also revealed consistent tendency.

The value of this research was the result, which showing the creating period and artists’ age of high hammer price, to be an investing index.

論文審定書 i
誌謝 ii
中文摘要 iii
英文摘要 iv
目錄 v
圖次 vi
表次 vii
1.緒論 1
1.1 研究背景與動機 2
1.2 研究問題 8
1.3 研究流程 8
2.文獻回顧 9
2.1 藝術品拍賣市場 9
2.2 臺灣美術史 11
2.3 創作顛峰年齡 17
2.4 藝術品拍賣市場研究關注議題 18
3.研究方法 21
3.1 資料來源 21
3.2 分析工具 25
3.3 變數解釋 27
4.研究結果 34
5.結論 60
參考文獻 62

王福東. (1993). 臺灣新生代美術巡禮. 皇冠出版社.
王艺. (2010). 绘画艺术品市场定价机制研究. 中国艺术研究, 4.
李竹芸. (2010). 郎靜山攝影作品之藝術拍賣市場價格研究. 國立臺北教育大學文化產業學系暨藝文產業設計與經營碩士班學位論文, 1-74.
林玉奇. (2008). 張大千山水畫作香港拍賣市場價格研究 (1996-2006). 臺灣師範大學美術學系在職進修碩士班學位論文, 1-82.
林珍玫. (2008). 華人西畫藝術市場之價格及報酬率研究. 成功大學高階管理碩士在職專班 (EMBA) 學位論文, 1-61.
夏亞拿. (2012). 暗潮洶湧的藝壇: 戰後初期臺灣美術的動盪與重整 (1945-1954). 臺灣大學藝術史研究所學位論文, 1-191.
曾雅瑄. (2012). 藝術品之投資組合與績效探討: 以大中華油畫為例. 中興大學財務金融學系所學位論文, 1-38.
曾雅瑄. (2012). 藝術品之投資組合與績效探討: 以大中華油畫為例. 中興大學財務金融學系所學位論文, 1-38.
黃于玲. (2001). 紀元畫會的由來. 臺灣畫, (13).
黃子齊. (2014). 光復初期臺灣美術思潮之研究-以青雲美術會為例.
詹雪芳. (1977). 為東洋畫正名：兼介林之助之膠彩畫. 雄獅美術, 72:45-53.
劉益昌. (2011). 臺灣美術史綱. 藝術家出版.
蔡坤昭. (2013). 藝術品投資之探討-以華人現代與當代藝術為例. 義守大學財務金融學系碩士學位論文
蕭瓊瑞. (1991). 五月與東方── 中國美術現代化運動在戰後臺灣之發展. 東大圖書.
謝世英. (2012). 日治臺展新南畫與地方色彩: 大東亞框架下的臺灣文化認同. 藝術學研究, (10), 133-196+.
謝里法. (1992). 日據時代臺灣美術運動史. 藝術家出版社.
廬炳良. (2009). 臺灣大百科全書. 文化部.
Artprice (2002). Art Market Trends 2002. Retrieved December 12, 2017, from https://imgpublic.artprice.com/pdf/trends2002.pdf
Artprice (2003). Art Market Trends 2003. Retrieved December 12, 2017, from https://imgpublic.artprice.com/pdf/trends2003.pdf
Artprice (2004). Art Market Trends 2004. Retrieved December 12, 2017, from https://imgpublic.artprice.com/pdf/trends2004.pdf
Artprice (2005). Art Market Trends 2005. Retrieved December 12, 2017, from https://imgpublic.artprice.com/pdf/trends2005.pdf
Artprice (2006). Art Market Trends 2006. Retrieved December 12, 2017, from https://imgpublic.artprice.com/pdf/trends2006.pdf
Artprice (2007). Art Market Trends 2007. Retrieved December 12, 2017, from https://imgpublic.artprice.com/pdf/trends2007.pdf
Artprice (2008). Art Market Trends 2008. Retrieved December 12, 2017, from https://imgpublic.artprice.com/pdf/trends2008_en.pdf
Artprice (2009). Art Market Trends 2009. Retrieved December 12, 2017, from https://imgpublic.artprice.com/pdf/trends2009_en.pdf
Artprice (2010). Art Market Trends 2010. Retrieved December 12, 2017, from https://imgpublic.artprice.com/pdf/trends2010_en.pdf
Artprice (2011). Art Market Trends 2011. Retrieved December 12, 2017, from https://imgpublic.artprice.com/pdf/trends2011_en.pdf
Artprice (2012). The Art Market in 2012. Retrieved December 12, 2017, from https://imgpublic.artprice.com/pdf/the_art_market2012_online_en.pdf
Artprice (2013). The Art Market in 2013. Retrieved December 12, 2017, from https://imgpublic.artprice.com/pdf/trends2013_en_fr_de_es_online.pdf
Artprice (2014). The Art Market in 2014. Retrieved December 12, 2017, from https://imgpublic.artprice.com/pdf/rama2014_en.pdf
Artprice (2015). The Art Market in 2015. Retrieved December 12, 2017, from https://imgpublic.artprice.com/pdf/rama2015_en.pdf
Artprice (2016). The Art Market in 2016. Retrieved December 12, 2017, from https://www.artprice.com/artprice-reports/the-art-market-in-2016
Artprice (2017). The Contemporary Art Market Report 2017. Retrieved December 12, 2017, from https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2017
Ashenfelter, O., & Graddy, K. (2003) Auctions and the Price of Art. Journal of Economic Literature, 41(3), 763-787.
Ashenfelter, O. (1989) How Auctions Work for Wine and Art. Journal of Economic Perspectives, 3(3): 23-36.
Beckert, J., & Rössel, J. (2013). The price of art: Uncertainty and reputation in the art field. European Societies, 15(2), 178-195.
Börsch-Supan, A., & Weiss, M. (2013). Productivity and age: Evidence from work teams at the assembly line.
Ekelund Jr, R. B., Jackson, J. D., & Tollison, R. D. (2017). The economics of American art: Issues, artists and market institutions. Oxford University Press.
Higgs, H. and Worthington, A.C. (2005) Financial Returns and Price Determinants in the Australian Art Market, 1973-2003, The Economic Record, 81(253), 113-123.
Klemperer, P. (1999). Auction theory: A guide to the literature. Journal of economic surveys, 13(3), 227-286.
Krishna, V. (2009). Auction theory. Academic press.
Reyburn, S. (2016, January 22). With Acquisition, Sotheby's Shifts Strategy. Retrieved December 12, 2017, from https://www.nytimes.com/2016/01/25/arts/international/with-acquisition-sothebys-shifts-strategy.html
Rosen, S. (1974). Hedonic prices and implicit markets: product differentiation in pure competition. Journal of political economy, 82(1), 34-55.
Simonton, D. K. (1997). Creative productivity: A predictive and explanatory model of career trajectories and landmarks. Psychological Review, 104(1), 66.
Ursprung, H. W., & Wiermann, C. (2011). Reputation, price, and death: An empirical analysis of art price formation. Economic Inquiry, 49(3), 697-715.
Wang, F. (2017). Which Part of the Chinese Art Market Is More Worth Investing In?
Applying the Quantile Regression to Analyze Chinese Oil Paintings 2000–2014. Emerging Markets Finance and Trade, 53(1), 44-53.