Model oceňování v oblasti výtvarného umění (ekonometrický přístup)

This thesis links economic theory and especially econometrics with the field of the art market. In the theoretical part it deals with the general issue of fine art valuation and the approaches that are applied in practice for this purpose. In the practical part, it explores the laws of the fine art market through econometric models. The main emphasis has been placed on the identification of the factors involved in the formation of auction prices for works of art and the following analysis of these relationships. To do this, the thesis uses the unique ART+ database, which has not been used in this way in a thesis before. Some of the new findings that the thesis brings are evidence of declining marginal utility of the surface area of an artwork, demonstration of the oligopolistic nature of the Czech art auction market, and findings of the absence of business cycle effects on the prices of quality Czech art.