This research is one of the few to analyzed a Japanese art auction market. We found the hedonic price index of artworks in Japan’s art auction market, between 2006 and 2019. Considering the sample selection bias in the auction and the price index measurement by the traditional hedonic time dummy model of log-price, we presented the estimation of the hammer price by the exponential type II Tobit model. Using the difference between the conditional expectation of the logarithmic price, a new price index that takes into account the variation of selection bias was defined. Art price index by the ordinary least squares estimation without considering the sales selection has a negative bias in the Japanese art auction market
