Do China's anti-corruption campaigns impact art prices? Evidence from Chinese art market

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-01-19 DOI:10.1016/j.pacfin.2025.102680

Timothy Yang Bian, Yue Zhang, Nanxing Zhou

引用次数: 0

Abstract

China's recent anti-corruption campaign has raised concerns about its potential impact on the Chinese art market, given the widespread use of artworks as implicit bribes. Using a large auction dataset for traditional Chinese paintings, we examine whether anti-corruption measures have caused a decline in art prices. We use the number of high-ranking officials (vice-ministerial level or higher) under anti-corruption investigation as a proxy for the intensity of such measures. Our results show a statistically significant negative impact: for each additional downfall of a high-ranking official in a region, auction prices for Chinese paintings decrease by 5.5 %. The negative effect is more evident for paintings drawn by non-masters and those with lower prices.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.