What Type of Title Would You Put on Your Paintings?: The Impact on the Price of Artwork According to Its Title

Abstract

This paper investigated the impact of the type of title on the price of the artwork effects using the hammer price of the paintings auctioned in Korea during a two-year period from December 2017 to November 2019. The results of the analysis showed that a descriptive title had a negative effect on the prices fetched, whereas a more elaborate title had a positive effect on auction prices. Also, it was found that elaborate titles for abstract paintings had a significant positive impact on the hammer price. In the case of unknown artists, a descriptive title had a negative effect on the auction price, while the absence of a title had a positive impact. The findings of this study suggest that artists must make careful decisions when titling their work because the title of the work affects the purchase decisions of art collectors.