چكيده فارسي :
In order to calculate Tehran Painting Auction’s price index and the pricing of artwork sold at Tehran Painting Auction, we reviewed works sold from 2012 to 2017. There have been 522 works sold in these years.We used hedonic regression to estimate the index and the return on the painting auction, and we examined the effect of different variables on the sales price of artworks and finally, calculated the price index of Tehran Painting Auction for the 2012-2016 period. We obtained the return on Tehran Painting Auction using the measured indices. Then, in the second part, using the Capital Asset Pricing Model (CAPM) and the return obtained in the first section, we demonstrated whether or not CAPM can measure price fluctuations in Tehran Painting Auction
