Bibliometric analysis of the art market: from art price to market efficiency

Abstract

This study addresses a significant gap in the existing literature by conducting a comprehensive systematic review of the art market over the past 50 years, utilizing big data analysis and bibliometric methods. Through descriptive statistical analysis, we gained insights into research trends, influential literature, authors, academic disciplines, journals, institutions, and countries. By utilizing various bibliometric analyses, including co-citation, co-word, burstiness, time-zone, and co-cited author analyses, we unraveled the inherent logic within the literature. One significant discovery was the consistent annual increase in research interest in the art market. Notably, the focus of art market research has shifted from hedonic art prices to areas such as artist brand management, electronic art platforms, anti-money-laundering supervision, and art market efficiency. Moreover, this study highlights the impact of the COVID-19 pandemic, expediting an electronic revolution in the art market in recent years. Notably, our study is the first to comprehensively employ bibliometric methods to analyze the art market, thereby laying the groundwork for researchers interested in this field.