가격결정요인분석을 통한 미술품 온라인 경매 특성 연구

박지현(Ji Hyon Park),신형덕(Hyung Deok Shin) 한국경영학회 2012 經營學硏究 Vol.41 No.4

As the interests of arts market and the investment increases, the artwork auction market is growing very quickly. The global artwork auction market has grown from $3.6 billion in 2004 to $13 billion in 2010, and so did the domestic artwork auction market. With this expansion, a new area emerged: the online artwork auction market. Since 2006, as the offline artwork auction market grew very quickly, the online artwork auction market also grew quickly. Previous studies have suggested that the online artwork auction would be a reasonable alternative to offline artwork auction market. This study empirically shows if online artwork auctions could be better in mitigating winner`s curse problems than traditional offline artwork auctions in Korea. In this study, we used action fetching price data of 3,108 paintings by Korean artists which have been sold over the period from June 2010 to March 2011 provided by Korean Art Price Appraise Association. We analyzed the impacts of price determinants that were found in previous studies on the fetching price. The price determinants include artists` reputation, material of paintings, and size of paintings. We also controlled artists` survival status, types of objects paintings, and timing of the sales of the paintings. First, artists` reputations have positive and significant influence on both online and offline auction fetching prices. To see the different impacts between online and offline action prices, we conducted t-test and found that the t-value of online auction(t-value= 6.737) was lower than that of offline auction(t-value=16.103). So we confirmed that online auction price is less affected by artist`s reputation than offline auction price is. Second, material of paintings had different impacts on fetching prices of online and offline auctions. We found all positive and significant relationships between types of materials and offline auction fetching prices, but no relationships were found to online prices. Thus, material of paintings does have different impacts on online and offline fetching prices as expected. Third, size of the paintings have significant impacts on both online and offline auction fetching prices. We couldn`t find any difference between size impacts on fetching price of two auctions. Thus, the hypothesis on this was not supported. Next, we investigated if there are differences in the fetching prices compared to the estimate prices between online and offline auctions. We found that the average of online artwork auction fetching prices over estimate prices was 0.724, which was significantly lower than the average of offline fetching/estimate prices of 1.996. This means online bidders buy paintings at far lower price than offline bidders do. We could figure out that the online art auctions have many differences compare to offline art auctions. The difference may come from the fact that online art auctions have more accessibility without space and time limitations than offline ones, and online buyers would be more sensitive to price due to the lack of first-hand looking. The fact that online fetching prices compared to estimate prices are lower that offline cases would imply that online buyers could collect information actively not only from the information that auction company provides but also from other sources. It can be interpreted that online buyers would show more reasonable and rational behaviors than offline buyers. This may imply that online artwork auction market could be a proper alternative to offline artwork auction market where winner`s curse problems exist. Thus, we empirically show and support the rational of the online artwork auction market.

경매를 통한 문화재 거래의 법적 쟁점 검토

서재권(Seo, Jaekweon) 한국정보법학회 2022 정보법학 Vol.26 No.1

경매는 문화재 거래의 한 경로이다. 아직까지는 오프라인 경매를 통한 문화재 거래가 지배적이나 온라인 경매를 통한 문화재 거래가 점차 활성화되고 있고, 대규모 경매사 경우 오프라인 경매와 온라인 경매를 모두 진행하고 있다. 대규모 고가(高價) 경매사는 소더비와 크리스티가 양분하고 있지만 그 외 중⋅소도시 등에서도 경매를 통한 문화재 거래가 이루어지고 있다. 특별한 하자 없이 진행된 국내 경매의 경우 경매물품이 국보든 보물이든 일반동산문화재든 관계없이 문화재보호법에 따라 소유자 변동 등에 관한 사항을 신고하면 법적인 문제가 발생하지 않는다. 오히려 소득세법 등에 따른 세금혜택이 주어진다. 그러나 경매물품이 국내 도난문화재인 경우에는 선의취득과의 관계에서, 외국에서 불법반입된 문화재인 경우에는 유네스코협약에 따른 반환 조치와의 관계에서, 경매를 통해 국외반출이 시도되는 경우에는 경매사의 경매약관과 운용에서 문제가 잔존하고있다. 국외에서 진행되는 경매의 경우에는 외국 정부가 통관 단계에서 임의로 경매물품의 반출을 금지하는 경우와 해외 온라인 경매를 통해 낙찰받은 경매물품이 국내 도난문화재인 경우가 문제된다. 전자의 경우에는 GATT 1994의 제20조(f)의 해석에 관한기준설정의 곤란이, 후자의 경우에는 준거법의 판단과 소유권 이전이 문제되는데, 특히 국가마다 문화재를 바라보는 시각과 보호방법이 상이하기 때문에 동일한 기준으로 준거법을 적용하더라도 소유권 귀속의 결과는 달라질 수 있다. 또한 불법 경매사이트를 통해 문화재가 거래되는 경우에는 문화재의 소유권 귀속에 관한 쟁점뿐만 아니라 거래 경로에 수반되는 다른 쟁점들, 이를 테면, 정보통신 관련 법률이나 금융 관련 법률, 통관 관련 법률 등이 복합적으로 연계된다. 아울러 소규모 오프라인 경매나 온라인 경매를 통해 문화재가 거래될 때에는 문화재의 진정한 가치가 평가받을 수 있는 기회가 상실될 위험도 있다. 이와 같이 문화재가 거래되는 경로와 방식이 복잡다기화해지고 있는 현실에서는통일되고 강제력 있는 국제조약의 필요성도 강조된다. 현실적으로 강제력 있는 국제조약의 성안이 불가능하더라도 온⋅오프라인 경매를 통해 문화재가 투명하게 거래될수 있는 가이드라인이 마련될 필요가 있고, 불법사이트를 통한 문화재 거래에 대해서는 모니터링 협력이나 통관절차에서의 압류 등 즉각적이고 강력한 조치가 취해질 수있도록 국제공조 체계가 마련되어야 할 것이다. Auction is one of channels for cultural property transactions. Cultural property transactions through offline auctions are still dominant, but online auctions are gradually being activated regardless of the transaction price. In most cases, large auction companies conduct both online and offline auctions. In particular, large-scale auction companies are divided into Sotheby’s and Christie’s, but cultural property transactions are underway through mainly offline auctions in other small and medium-sized cities. In the case of online auctions, the auction of stolen cultural properties or the transaction of cultural properties through illegal sites is a problem. In the case of online auctions through small auction houses, there is a risk of losing the opportunity to evaluate the true value of cultural properties, and in the case of stolen cultural properties, the transfer of ownership, if it is through legal transaction, might be unstable depending on the law of the country. When cultural properties are traded through illegal sites, not only the attribution of cultural properties, but also other issues are combined such as the transaction path, information and communication laws, financial laws, and customs clearance laws. Until now, discussions on international transactions of cultural properties have focused mainly on the return of stolen cultural properties and the transfer of ownership. However, among the international agreements applicable to these issues, the enforcement of the UNESCO Convention is essentially weak, and the UNIDROIT Convention does not have enough ratifications or accessions, if so, most of them were colonial countries. While discussions have been focused on the return of cultural properties, the volume of transactions of cultural properties is steadily increasing and the channels are more diversifying. New issues are arising over international transactions of cultural properties, such as online auctions and illegal sites as well as offline auctions. In the event of a problem with international transactions of cultural properties, the most basic part to be approached will be the judgment of the governing law. In addition, however, the need for a unified and enforceable international treaty is also emphasized in a reality where international trade routes and methods for cultural properties are becoming more complex. Even if a compelling international treaty is impossible, it is necessary to prepare guidelines for transparent trade of cultural properties through online/offline auctions. For cultural property transactions through illegal sites, an international cooperation system should be established so that immediate and strong measures can be taken through monitoring cooperation or seizure in customs clearance procedures.

온라인 경매에서의 신용카드 허위거래 탐지 요인에 대한 실증 연구

채명신,이병태,조형준 한국경영과학회 2004 經營 科學 Vol.21 No.3

Although the Internet is useful for transferring information, Internet auction environments make fraud more attractive to offenders, because the chance of detection and punishment is decreased. One of these frauds is the phantom transaction, which is a colluding transaction by the buyer and seller to commit the illegal discounting of a credit card. They pretend to fulfill the transaction paid by credit card, without actually selling products, and the seller receives cash from the credit card corporations. Then the seller lends it out with quite a high interest rate to the buyer, whose credit rating is so poor that he cannot borrow money from anywhere else. The purpose of this study is to empirically investigate the factors necessary to detect phantom transactions in an online auction. Based upon studies that have explored the behaviors of buyers and sellers in online auctions, the following have been suggested as independent variables: bidding numbers, bid increments, sellers’ credit, auction lengths, and starting bids. In this study, we developed Internet-based data collection software and collected data on transactions of notebook computers, each of which had a winning bid of over ￦ one million. Data analysis with a logistic regression model revealed that starting bids, sellers’ credit, and auction length were significant in detecting the phantom transactions.

온라인 경매에서의 신용카드 허위거래 탐지 요인에 대한 실증 연구

채명신,조형준,이병태 한국경영과학회 2004 經營 科學 Vol.21 No.2

Although the Internet is useful for transferring information, Internet auction environments make fraud more attractive to offenders, because the chance of detection and punishment is decreased. One of these frauds is the phantom transaction, which is a colluding transaction by the buyer and seller to commit the illegal discounting of a credit card. They pretend to fulfill the transaction paid by credit card, without actually selling products, and the seller receives cash from the credit card corporations. Then the seller lends it out with Quite a high interest rate to the buyer, whose credit rating is so poor that he cannot borrow money from anywhere else The purpose of this study is to empirically investigate the factors necessary to detect phantom transactions in an online auction. Based upon studies that have explored the behaviors of buyers and sellers in online auctions, the following have been suggested as independent variables: bidding numbers, bid increments. sellers' credit, auction lengths, and starting bids. In this study, we developed Internet-based data collection software and collected data on transactions of notebook computers, each of which had a winning bid of over ￦ one million. Data analysis with a logistic regression model revealed that starting bids, sellers' credit, and auction length were significant in detecting the phantom transactions.

온라인 개인간 대출시장에서의 차입자 특성 연구

김학건(Hakkon Kim),박광우(Kwangwoo Park) 한국경영과학회 2013 韓國經營科學會誌 Vol.38 No.4

In this paper, we examine factors of success in online P2P (peer-to-peer) lending auctions. This paper finds the following empirical results. First, loan applicants with a stable employment status are more likely to succeed in the auction than loan applicants with an unstable employment status. Second, loan applicants, who actively share personal information and interact with lenders through online message boards, are likely to succeed in the auction. Third, the purpose of a loan for debt repayment has a significant impact on the success of the auction. However, the purpose of a loan for essential living expenses such as housing, living, and medical expenses has an insignificant relationship with the success of the auction. Our results imply that the characteristics of loan applicants such as employment status and social interaction are the factors of success in online P2P lending auctions.

Sellers’ Economic Incentives to Disclose Negative Information in Online Markets

Seung HUH 국제융합경영학회 2021 융합경영연구 Vol.9 No.2

Purpose: This study aims to verify sellers’ economic incentives for voluntarily disclosing negative information in online markets and provide practical guidelines to online sellers in terms of whether, when, and how sharing low quality to buyers increase sales. Research design, data and methodology: Our model examines the number of bidders in Internet auctions to measure potential demand and uses count data analysis following previous studies that have also analyzed the number of bidders in auctions. After checking over-dispersion and zero-inflation in our data, we have run a Poisson regression to analyze the effect of sharing negative information on sales. Results: This study presents a counterintuitive result that low-quality sellers can increase their demand by fully disclosing negative information in an online market, if appropriate risk-reducing methods are employed. Our finding thus shows that there exists economic incentive for online sellers to voluntarily disclose negative information about their products, and that the context of transactions may affect this incentive structure as the incentive varies across product categories. Conclusions: As the positive impact of disclosing negative information has rarely been studied so far, this paper contributes to the literature by providing a unique empirical analysis on the impact of sellers’ honesty on sales. By verifying economic incentives of disclosing low quality with actual online sales data, this study suggests practical implications on information disclosure strategy to many online sellers dealing with negative information.

인터넷 경매의 위험 감소 수단에 관한 연구

고한준(Han Jun Ko),심성욱(Sung Wook Shim) 한국광고홍보학회 2006 한국광고홍보학보 Vol.8 No.3

Understanding overbidding behavior in C2C auctions: an escalation theory perspective

박상철,박기우 PALGRAVE MACMILLAN LTD 2012 EUROPEAN JOURNAL OF INFORMATION SYSTEMS Vol.21 No.6

보증이 연계된 중소기업 온라인 역경매 대출이 대출금리에 미치는 영향에 관한 연구

강맹수 ( Maeng Soo Kang ),권의종 ( Eui Jong Kwon ),이군희 ( Gun Hee Lee ) 한국금융연구원 2012 금융연구 Vol.26 No.2

Recently, the online reverse-auction guaranteed loan (ORAL) product has been launched at January 2011 by the Korea Credit Guarantee Fund (KODIT) as a financing support system for small and medium sized enterprises (SMEs). This product, the ORAL, was introduced for the first time in the world. Therefore, lots of questions and effectiveness from the ORAL product might be arising. A possible positive effect will be reducing loan rate on the loan due to the competition under this newly-developed online loan market. As Petersen and Rajan (1994, 1995) argued, long-term relationship between SMEs and banks could affect loan availability and loan rate. And the relationship would be damaged when loan market becomes more open and competitive. Also, Degryse and Ongena (2005) argued that geographical distance among competing banks could important factor to determine loan rate for SMEs. However, none of previous research shows any results about the relationship between SMEs and banks under the online reverse-auction loan market. This paper analyzes how the online reverse-auction loan market affects the loan rate to the SMEs. An effect of loan rate under the online reverse-auction loan market can be decomposed into a direct effect and an indirect effect. The direct effect implies loan rate changes due to the competition with at least two bank`s offer on the online reverse-auction loan market. We expect another shock might be appeared for affecting overall changes of loan rates to all SME after launching the ORAL product in the market. We call this shock as the indirect effect. The indirect effect appears under the bank`s consideration as an additional competition factor to prevent from losing their current customers on the online reverse- auction loan market. To identify these effects, we collect 31,566 guaranteed loan data between July 2010 and June 2011. The study shows three interesting results. Due to the competition in the online market, the ORAL product has the direct effect reducing 13~48.3 bps of loan rate across the industries and credit ratings. Secondly, the appearance of the ORAL product in the online market makes additional drop as 8.5~28.4 bps to all SME loans as the indirect effect. Finally, SMEs with average or below average credit rating (“B-class” or “C-class”) have bigger direct and indirect effect reducing loan rate than others. In summary, the online reverse-auction could make changes into the SME loan market more competitive with providing more substantial help to less creditworthy SMEs that have experienced difficulty to lending from the ordinary off-line loan market.

Users' Adoption of a Convergent Service: A Case of Interactive TV-based Auction Service (T-auction)

Yoo, Jae-Heung,Ha, Im-Sook,Choi, Mun-Kee The Korea Society of Management Information System 2010 Asia Pacific Journal of Information Systems Vol.20 No.4

This paper Introduces an electronic auction service to be provided on Interactive TV (T-auction). This converged service is expected to much enhance the quality of the service to current online auction users through vivid visualization and live Interactive experience. Our study focuses on how the characteristics of the interactive TV-based shopping platform can affect users' attitudes towards the converged service. To develop our proposed research model, we extended the technology acceptance model and integrated it with a hedonic factor, or perceived enjoyment to reflect the dual characteristics of the converged system. We also adopted the variable of intermediary trust In the service as a critical mediating determinant for a successful commutations-mediated commerce. The research model was verified with an empirical study conducted on 970 Korean online auction users. Results show that both trust and perceived usefulness positively affect user adoption of the service. Trust had not only a direct effect on users' attitudes toward T-auction but also an indirect one by mediating the service quality, information quality, perceived enjoyment and ease of use. Meanwhile, the hedonic factor of T-auction contributes to increasing both the level of the intermediary's trust and its perceived usefulness. Users' enjoyment also was found to help form a positive attitude toward T-auction services. Theoretical and practical implications of this study for current e-auction service providers and potential t-auction service providers are also discussed.