Data-driven index tracing art prices launched
时间:2024-06-26 16:08:48 阅读(143)
What makes art so expensive? How has its price appreciated over the years? These are some questions that one would soon be able to answer with an ‘art index’ launched on Thursday by the Indian Institute of Management, Ahmedabad (IIM-A) in collaboration with Mumbai-based Aura Art Development (Aura Art), an art infrastructure solutions provider and specialist in art transactions.
The IIM-AuraArt Indian Art Index (IAIAI), which was launched at the BSE in Mumbai on Thursday, is a first-of-its-kind index which will trace the price appreciation journey of Indian artists at auctions globally. It will use a data-driven methodology that analyses price variations in artwork auctions of 25 Indian artists across the globe over 20 years. Some of the artists included in the list are Akbar Padamsee, Anjolie Ela Menon, B Prabha, Badri Narayan, Bhupen Khakhar, Bikash Bhattacharjee, F N Souza, Ganesh Pyne, Jamini Roy and Jehangir Sabavala. The data obtained will help art enthusiasts, financiers, insurers and other stakeholders across the sector to calculate the percentage change in the likely market price of an artwork over time.
Prashant Das, associate professor, finance & accounting, IIM-A, who launched the index with Rishiraj Sethi, director, Aura Art Development, said having a critical mass of transactions through auctions in the past 20 years was the only criteria to choose these artists. He said the number of artists will gradually increase overtime. The results of the index will come in quarterly, and the data will be updated every six months.
Das said this adds to the transparency of the arts market in general and will help in rationalising prices of the Indian art market, adding that the index time series information will tell us how over time, the price of modern artwork is evolving in India. “Over time, it can be compared to other artworks globally as well,” he said, when asked if one will be able to compare appreciation in prices of Indian art with global art as well.
The main conclusions drawn from the index indicate art prices are greatly influenced by some intrinsic (hedonic) characteristics as well as economic and behavioural factors and secondly, art price movements are somewhat predictable.
Das said the IAIAI methodology is based on hedonic pricing method that involves developing a regression model from the past listings data. The first batch of data included auction results of nearly 9,000 artworks by Indian artists, auctioned across 11 houses around the world, over a more than 20-year period, from April 1, 2001 to June 30, 2022.
猜你喜欢
- Muted revenue growth for Marico in Q3
- Petrol and Diesel Rate Today, 23 August- Some cities see revision; Check rates in Delhi, Mumbai, other cities
- Oberoi Realty share price rises after Q1 results, outperforms Nifty 50 YTD; should you buy, hold or sell-
- d that milk prices are unlikely to witness spikes in the coming months due to cooler temperature in April and parts of May, which has delayed the onset of ‘lean’ season, when milk production usually drops.
Retail inflation in milk was reported at 8.85% in May 2023. The milk inflation has remained elevated at over 6% since August 2022. Despite India being the largest milk producer since 1998, the commodity has been the second biggest factor after cereals such as rice and wheat in driving up retail inflation in the last fiscal.
Milk has the second highest weight in the food and beverages basket of the consumer price index at 6.61%, a notch lower than cereals and products with a 9.67% weight. Organised players, including Mother Dairy and Amul, hiked prices multiple times in the last one year citing higher fodder cost, robust demand and some impact due to reports of lumpy skin disease.
Industry sources said feed cost, which has a share of more than 65% in the cost of production of milk, has increased to Rs 20/kg from Rs 8 a year ago. The finance ministry in April had attributed the elevated milk inflation to a demand supply mismatch and said it could be one of the factors apart from volatile international crude oil prices and constrained supplies of milk would influence the country’s inflation trajectory.
“Milk production has been impacted by a lumpy skin disease infecting millions of cattle in late 2022,” the ministry said in the monthly economic review, adding that the vaccination drive against the disease is expected to curb the spread and immune the cattle against the skin disease.
According to official data, currently India is the world’s largest milk producer, and has a share of 23% in global milk production. For the first time in decades, the country’s milk production is likely to have stagnated in 2022-23 due to Lumpy Skin Disease in cattle across several states and the lagged effect of Covid-19 in the form of stunting of the animals, a senior official with department of animal husbandry and dairying recently had stated. The milk production was estimated at 221 million tonne in 2021-22.
- Nifty could take a breather but may resume uptrend towards 18100; Bank Nifty support seen at 41200
- NSE Bulk Deals, August 14- Debock Industries, Drone Destination, other major deals took place on Monday
- Oil falls over $2 a barrel as China’s COVID protests fuel demand fears
- NSE Bulk deals, January 30- CLOUD, TRU, ARISTO and other major deals that took place on Monday
- Petrol, Diesel Price Today, 27 Sep 2022- Fuel cost static; check rates in Delhi, Mumbai, Noida, other cities