A Study on the Influence of Non-Physical Characteristics of Artworks on the Emerging Artists’ Artworks

Pricing artworks by emerging artists poses significant challenges, as their unique characteristics often elude traditional pricing frameworks predominantly centered on blue-chip artists. While prior research has extensively analyzed price determinants focusing on physical attributes and artist reputation, it has largely overlooked the distinct factors relevant to emerging artists. Recent studies have highlighted the potential significance of non-physical attributes, such as artwork titles and descriptions, as novel price determinants. However, empirical validation of the influence of these attributes, particularly in the context of emerging artists, remains scarce. T his study aims to empirically investigate the impact of non-physical attributes on the pricing of artworks by emerging artists. To this end, data were collected from multiple sources, including Art1, the Korea Art Market Information System, and social media platforms. Analytical methods included multiple regression analysis and decision tree regression modeling to identify variables influencing artwork prices. Furthermore, SHAP (SHapley Additive exPlanations) analysis was employed to provide an in-depth interpretation of the decision tree regression results. The findings reveal that, in addition to traditional factors such as artwork size and artist-related characteristics, non-physical attributes significantly affect the pricing of artworks by emerging artists. Drawing on Dual Coding Theory, which underscores the interplay between linguistic and visual information, this study demonstrates that the linguistic information conveyed through non-physical attributes shapes the visual interpretation and recall of an artwork, ultimately influencing its valuation. These results offer valuable academic insights into the pricing mechanisms of emerging artists’ artworks and propose practical implications for developing strategic pricing approaches within the art market.