本研究以1996至2005各年之華人西畫之拍賣成交記錄為樣本，探討各年度畫作成交價格之影響要素，研究結果顯示畫作種類、平方呎、創作年代於此十年之迴歸模型中有穩定且顯著之影響力，對畫作價格有顯著且正向之影響。而進一步探討藝術市場與資本市場及經濟指標之間之關連性而言，成交年份、台股指數、S&P 500指數均對畫作拍賣價格有顯著之影響，其中，台股指數與華人西畫價格之相關性為負，表示台灣資本市場與藝術拍賣市場之走勢為負相關，將此兩種商品結合成投資組合，有良好之分散風險效果。研究中以重複交易之樣本資料求算1997-2004年間華人西畫作品之報酬率指數，結果顯示畫作價格之波動雖大但確有明顯向上之趨勢，間投資於華人西畫普遍而言均能得到正向之報酬。
於畫家之個人平均每平方呎畫價高低之排名而言，中國前輩畫家之每平方呎平均畫作價格以畫家：常玉、吳冠中、潘玉良、趙無極屬較高者且成長幅度快速；台灣前輩畫家以：廖繼春、陳澄波、陳德旺為較高者，尤以廖繼春之畫作漲幅及價格最高；而當代畫家中，陳丹青、王沂東、艾軒、王廣義屬於近期新生代畫家中逐漸嶄露頭角者，作品價格亦上漲快速。

This research was based on the auction transaction records as sample about Chinese western drawing from 1996 to 2005, explored the key factors that influenced the price of paintings. The results seemed that during this ten years the sort, sq feet and the year of creation in the model has significant influence on price. Further probe into the relation of artistic market and capital market, the year of transaction, TWSE indexes and S&P 500 indexes all have significant influence on paintings’ price, among them, the relation on TWSE index and Chinese western drawing price was negative, meant that the relation between Taiwan capital market and artistic auction market tendency was negative, and we can get a well diversification by combining the two kinds of goods into portfolio. In this research we also used the repeat-trading records during 1997-2004 as sample to compute the art index of Chinese western drawings, the conclusion seemed the price was violent but apparently went upward, and to invest in Chinese western drawing could generally get positive return.
For the average sq feet price among painters, the old-generation painters in China, Chang Yu, Wu Guan-zhong, Pan Yu-Liang, Zhao Wu-Ji were getting higher price per sq feet; the old-generation painters in Taiwan, Liao Ji-Chun, Chen Cheng-Bo, Chen De-Wang were the higher. And among the contemporary painters, Chen Dan-Qing, Wang Yi-Dong, Ai Xuan, Wang Guang-Yi belonged to the painters whose creations got more focus, the price of their works also went up fast.

Mei, J. and M. Moses, 2002, “Art as an Investment and the Underperformance of Masterpieces,” Ameri