가격결정요인분석을 통한 미술품 온라인 경매 특성 연구

박지현(Ji Hyon Park),신형덕(Hyung Deok Shin) 한국경영학회 2012 經營學硏究 Vol.41 No.4

As the interests of arts market and the investment increases, the artwork auction market is growing very quickly. The global artwork auction market has grown from $3.6 billion in 2004 to $13 billion in 2010, and so did the domestic artwork auction market. With this expansion, a new area emerged: the online artwork auction market. Since 2006, as the offline artwork auction market grew very quickly, the online artwork auction market also grew quickly. Previous studies have suggested that the online artwork auction would be a reasonable alternative to offline artwork auction market. This study empirically shows if online artwork auctions could be better in mitigating winner`s curse problems than traditional offline artwork auctions in Korea. In this study, we used action fetching price data of 3,108 paintings by Korean artists which have been sold over the period from June 2010 to March 2011 provided by Korean Art Price Appraise Association. We analyzed the impacts of price determinants that were found in previous studies on the fetching price. The price determinants include artists` reputation, material of paintings, and size of paintings. We also controlled artists` survival status, types of objects paintings, and timing of the sales of the paintings. First, artists` reputations have positive and significant influence on both online and offline auction fetching prices. To see the different impacts between online and offline action prices, we conducted t-test and found that the t-value of online auction(t-value= 6.737) was lower than that of offline auction(t-value=16.103). So we confirmed that online auction price is less affected by artist`s reputation than offline auction price is. Second, material of paintings had different impacts on fetching prices of online and offline auctions. We found all positive and significant relationships between types of materials and offline auction fetching prices, but no relationships were found to online prices. Thus, material of paintings does have different impacts on online and offline fetching prices as expected. Third, size of the paintings have significant impacts on both online and offline auction fetching prices. We couldn`t find any difference between size impacts on fetching price of two auctions. Thus, the hypothesis on this was not supported. Next, we investigated if there are differences in the fetching prices compared to the estimate prices between online and offline auctions. We found that the average of online artwork auction fetching prices over estimate prices was 0.724, which was significantly lower than the average of offline fetching/estimate prices of 1.996. This means online bidders buy paintings at far lower price than offline bidders do. We could figure out that the online art auctions have many differences compare to offline art auctions. The difference may come from the fact that online art auctions have more accessibility without space and time limitations than offline ones, and online buyers would be more sensitive to price due to the lack of first-hand looking. The fact that online fetching prices compared to estimate prices are lower that offline cases would imply that online buyers could collect information actively not only from the information that auction company provides but also from other sources. It can be interpreted that online buyers would show more reasonable and rational behaviors than offline buyers. This may imply that online artwork auction market could be a proper alternative to offline artwork auction market where winner`s curse problems exist. Thus, we empirically show and support the rational of the online artwork auction market.

수도권 아파트의 경매낙찰가율에 미치는 영향 요인 연구

임의택(Lim, Eui Taek),이호병(Lee, Ho Byung) 한국부동산학회 2017 不動産學報 Vol.69 No.-

기대수익의 실현이 어렵게 보이는 부실채권을 담보하고 있는 아파트가 인터넷 경매 사이트 등을 통해 광고되면서 보다 많은 개인 또는 법인들이 경매 입찰에 참여하게 된다. 이러한 맥락에서 부동산 특성, 입지 특성, 경매 특성, 부실채권 특성이 아파트의 경매 낙찰가율에 미치는 영향을 분석하는 것이다. 분석 결과는 다음과 같다. 첫째, 분석대상 15개 변수 중에서 통계적 유의성을 갖으면서 영향력이 가장 큰 변수는 유찰횟수이며, 다음으로 영향이 큰 변수는 응찰자수이 다. 둘째, 아파트의 건물면적은 통계적 유의성을 보였다. 다시 말하면, 소형 평형 아파트의 경매낙찰가율이 대형 평형 아파트보다 높았다. 셋째, 부실채권 특성 변수 중에서 금융기관의 유형이 통계적으로 유의성 있는 영향을 미치는 것으로 검증되었으나, 선행연구에서 근린상가 및 공장 등의 경매낙찰가율에 유의성을 보인 제1순위근저당채권비율은 통계적 유의성을 보이지 못했다. 넷째, 서울과 서울을 제외한 수도권으로 구분한 지역요인이 통계적 유의성 있는 변수로 검증되 었다. 다섯째, 대항력이 있는 임차인, 연체관리비 등 기타 변수는 경매낙찰가율에 통계적 유의성 있는 영향을 미치지 않은 것으로 검증되었다. 1. CONTENTS (1) RESEARCH OBJECTIVES Auction apartments with Non-Performing Loans which show the impossibility of the realization of expected profit are advertised through the internet auction sites and the lectures of auction academies. These kinds of advertisement bring more people to participate in apartment auction bidding. Eventually, it is assumed that the auction winning price or the auction winning price rate tend to increase. With the above description, this research is to analyze the impact of the factors such as real estate characteristics, locational characteristics, auction characteristics and the characteristics related to non-performing loan on the apartment auction winning price rate. (2) RESEARCH METHOD The research is to analyse the data of the auction apartment with the non-performing loans which the affiliates of ○○○Asset Management Company bought from the several financial institutes. The data of this research were posted at Good Auction internet site. In order to identify a statistical figures, the research used statistical techniques such as basic statistics analysis and the regression analysis. (3) RESEARCH FINDINGS The major findings of the research are as follows. First, the most powerful variable with a statistical significance among 15 independent variables analysed by this research is the number of auction bid failure and the second powerful factor with a statistical significance is the number of auction participant. Second, the size of apartment exclusive area shows a statistical significance. It means that the auction winning price rate is higher in the small size apartments than in the large size apartment. Third, the types of financial institute among the NPL -related variables influence the auction winning price rate with a statistical significance. Fourth, the region factor classified as Seoul and the other metropolitan area excluding Seoul has a significant impact on the winning price rate of auction apartment. Fifth, there is no statistical significance in the impact of the other factors such as tenant with countervailing power and delayed maintenance fee. Therefore, it is assumed that the participants of apartment auction disregard these factors when they participate at apartment auction. 2. RESULTS This research found out that the types of financial institutes among the NPL-related variables influence apartment auction winning price rate with a statistical significance. In other words, the auction winning price rate is higher in the apartments mortgaged by the first group financial institutes than in the apartments mortgaged by the second group financial institutes. However, the first mortgage backed loan rate does not show a statistical significance. But, it showed a significant impact on the auction winning price rate of real estates such as commercial facilities and factories in the previous other research.

공매체감지수와 공매 경쟁률 및 낙찰가율과의 관계에 관한 실증연구

이정환(Lee, Jeong-Hwan),강정규(Kang, Jeong-Gyu),김영근(Kim, Yung-Keun) 한국주거환경학회 2018 주거환경(한국주거환경학회논문집) Vol.16 No.2

The interest in court auction and public auction markets where many people believed to be able to buy real estate at low prices is very high and growing. In the past, public auction was mainly used as a measure of the forced sale of property under the National Tax Collection Act, but a meaning of public bidding by public institutions has been widely used recently. This study summarizes the meaning and type of public auction, and using an empirical analysis of the relationships among confidence index of public auction, public auction competition rate, and bid price rate. The results of the above multiple regression analysis showed that the confidence index of public auction(the survey results of participants) in the public sale market were significant enough to have a significant impact on the competition rate of each type. And, the confidence index of public auction also had a statistically significant impact on the price rate of the KAMCO public auction and the price rate of the KAMCO public sale, except on the price rate of open bid held by a public institution through ONBID It was confirmed statistically that the price rate of each type of public auction increased as the competition rate of each type increased. In addition, the competition rate of the KAMCO public auction has an impact on the ratio of KAMCO public sale price, and competition rate of the KAMCO public sale has an impact on the ratio of the KAMCO public auction price. Predicting the price rate of a public auction using the confidence index of public auction and public auction competition rate is useful as a method for responding to the public auction market. It is necessary to expand the public disclosure about information related to public auction, including the confidence index of public auction, which is now only opened to a public institution. There is a possibility that the public auction market expansion in connection with the private sector"s real estate transactions or the court auction could have a synergy effect.

서울지역 아파트의 경매낙찰가율에 영향을 미치는 요인에 관한 연구 - 시점수정 낙찰가율과 법원경매 낙찰가율에 미치는 영향요인에 대한 비교연구 -

오대희,박문수 한국부동산경영학회 2021 부동산경영 Vol.23 No.-

부동산 경매시장의 기존 연구는 법원경매정보의 낙찰가율을 통상적으로 사용한다. 그러나 그 낙찰가율은 감정평가 시점과 낙찰가격 결정일 간의 시차 때문에 낙찰가율이 부동산 시장 참여자들의 의사결정에 하나의 지표로 활용하기에는 한계가 있다. 이러한 인식에서, 본 연구는 시점수정한 경매낙찰가율과 경매정보의 경매낙찰가율에 미치는 각각의 영향요 인에 대한 비교연구를 통하여 서울시 아파트 경매시장의 경매낙찰가율에 영향을 미치는 요인을 규명하였다. 그 검증결과는 다음과 같다. 첫째, 실거래가격지수변동률은 시점 수정 한 낙찰가율에 부(-)의 영향을 미치고, 법원경매정보의 낙찰가율에는 정(+)의 영향을 미치는 것으로 나타났다. 둘째, 매매거래량, 지가변동률, 경과연수는 낙찰가율에 정(+)의 영향 을 미치는 것으로 나타났다. Existing studies on the real estate auction market commonly use the auction successful bid price of court auction. However, there is a limitation on using the auction successful bid price rate as an indicator for real estate market participant's decision-making due to the time difference between the timing of appraisal and the date of pricing the auction bid. From this perspective, this study identified the factors affecting the auction successful bid price rate in the Seoul apartment auction market through comparative verification regarding the factors affecting both the time-adjusted auction successful bid price rate and that of the court auction. The results of the analysis are as follows. First, it was found that the rate of change in the actual transaction price index had a negative (-) effect on the corrected auction winning price rate, however, a significant positive (+) effect on the auction winning price rate of the court auction information. Second, it was found that trading volume, change rate of land price, and elapsed years, had a positive(+) effect on the auction winning price rate.

Discriminatory vs. Uniform Price Auction: Government Bond Repurchase Cost Comparison in Korean Treasury Reverse Auction Market

Keunkwan Ryu,Ki Beom Binh 한국재무학회 2011 한국재무학회 학술대회 Vol.2011 No.05

We compare auction revenues from discriminatory auctions and uniform price auctions in the case of the Korean treasury bonds reverse auction market. For this purpose, we employ detailed bidder level data for each of discriminatory reverse auctions (repurchase of Treasury bonds through competitive bidding) recently carried out in Korea. We first theoretically recover unobserved individual bidding functions under counter-factual uniform price auctions from the observed bidding functions under the actual discriminatory auctions, and then empirically estimate revenue differences. To test significance of the auction revenue differences, we use Bootstrap re-sampling methods where uncertainty in the cut-off yield spreads and uncertainty in the bidders are addressed individually as well as simultaneously. Our results indicate that discriminatory price auction increases the auction revenue relative to the uniform price auction in most of the reverse auction cases.

개별입지 공장 경매 매각가율 결정요인

진원겸(Won Gyeom Jin),전해정(Hae Jung Chun) 대한부동산학회 2023 大韓不動産學會誌 Vol.41 No.1

본 연구에서는 화성시 개별입지 공장 경매 매각가율에 영향을 미치는 요인을 헤도닉가격 모형(hedonic pricing model)을 이용하여 실증분석을 하였다. 본 연구의 종속변수는 개별 입지 공장 경매 매각가율로 설정하고 독립변수는 공장 고유특성인 토지가격비율, 제시외 건물 유무, 기계기구 유무, 건물경과연수, 도로 폭, 용도지역 계획관리 유무와 경매 일반특성인 유치권 유무, 유찰 유무, 유동화 유무로 하였다. 다중회귀분석 결과, 토지가격 비율이 높을수 록, 건물경과연수가 10년 미만일수록, 유동화 채권이 있을수록 공장 경매 매각가율에 정(+)의 영향을 미쳤고 기계기구가 있을수록, 도로 폭이 4m미만인 경우와 유치권이 있을수록, 유찰이 될수록 공장 경매매각가율에 부(-)의 영향을 미치는 것으로 나타났다. 개별입지공장 경매 매각가율에 미치는 영향력의 크기는 유찰 유무, 토지가격 비율, 유치권 유무, 건물연수 10년 미만, 도로폭 4m 이하, 기계기구 유무 및 유동화 유무의 순으로 나타났다. 본 연구의 기여점은 공장에 대한 경매연구가 부족한 시점에서 법원경매에서 낙찰된 사례를 활용하여 개별입지 공장의 변수들이 매각가율에 미치는 영향 요인을 확인했다는 점과 경매 매각가율 결정요인을 공장경매에 참여하는 실수요자와 중소기업 등에 신뢰성 있는 의사결정을 위해서 제공했다는 점이다. In this study, an empirical analysis was conducted by utilizing multiple regression analysis to determine the factors affecting the sale price rate of unplanned factory auctions in Hwaseong city. The sale price rate of unplanned factory auctions was used as the dependent variable. The inherent characteristics of the factory such as land price ratio, presence of unauthorized buildings and mechanical equipment, construction periods the width of the road, planning management for use district, and standard auction characteristics showing the presence or absence of lien, active bids, and liquidity used as independent variables in this study. As a result of multiple regression analysis, factories with higher equity to land price ratio, constructed in less than 10 years, and liquidity of an underlying asset had a positive (+) effect on the auction sale price rate. On the contrary, factories that had road widths less than 4 meters, with more machinery, active liens, and failed to meet the bids had a negative (-) effect on the auction sale price rate. The significance of variables that impected the auction sale price rates are in the following order: failure to meet bids, land price ratio, constructed in less than 10 years, presence of lien, machinery, roads with a width less than 4m, and liquidity of the underlying asset. The contribution of this study is that at a time when auction research on factories was lacking, the factors influencing the sale price rate of individual location factories were identified by using successful bids in court auctions, and the determinant of the auction sale price rate is provided for reliable decision-making to end users and medium-sized enterprises participating in factory auctions.

부동산경매시장에서 매각가격은 할인되는가?

진남영(Nam-Young Jin),이용만(Yong-Man Lee),민태욱(Tae-Uk Min) 한국주택학회 2010 주택연구 Vol.18 No.3

본 논문의 목적은 우리나라에서 경매시장의 매각가격과 일반시장의 거래가격 간에 차이가 존재하는지, 시장상황에 따라 가격 격차가 달라지는지 여부를 실증적으로 분석하는데 있었다. 서울특별시 도봉구와 강남구, 그리고 경기도 용인시 수지구의 아파트를 대상으로 경매 매각가격과 일반 거래가격의 차이를 추정한 결과, 모든 지역에서 경매 매각가격이 일반 거래가격에 비해 할인되는 것으로 나타났다. 그리고 할인의 정도는 지역에 따라 달랐는데, 아파트가격이 상승기에 있었던 도봉구가 3.54%, 안정기에 있었던 강남구가 7.40%, 하락기에 있었던 수지구가 12.45% 할인되는 것으로 추정되었다. 우리나라 법원경매에서 매각가격이 일반 거래가격보다 할인되는 것은 일차적으로 우리나라 법원경매에 존재하는 명도비용 등으로 인해 법원경매의 거래비용이 일반시장의 거래비용보다 높기 때문인 것으로 보인다. 그리고 시장상황에 따라 할인율이 달라지는 것은 우리나라 법원경매의 최고가밀봉입찰방식에 기인하는 것으로 보인다. 최고가밀봉입창방식에서는 입찰자의 수가 적을수록 경매 매각가격의 할인율이 커지는데, 시장상황이 나쁠수록 입찰자 수가 줄어들기 때문에 경매 매각가격의 할인율이 커지는 것으로 보인다. The real estate auction in Korea is understood as a means for enabling people to purchase at the lower price than real estate transactions practiced through negotiation at the ordinary market. The complexity of the legal relationship between right and obligation has made a great contribution to leading people to understand the auction as the means for purchasing real estate at low prices. If so, is the price traded through the court auction low than the general market though the object defective in title is excluded? Therefore, this study was intended to investigate whether there was a gap between real estate traded through the court auction and at the general market by making a comparison between them and how far it existed if any. For this purpose, it selected as the object for its analysis the apartment traded in Dobong-gu and Kangnam-gu, Seoul, and Suji-gu, Yongin in Kyonggi Province, whose sales prices showed the uptrend, the plateau and the downtrend over the period between Jan, 2007 and June, 2008. And then it attempted to make an empirical analysis of the difference in the prices agreed on between apartment knocked down through auction and that traded at the general market by using the hedonic price model. As a result, it was found that the sales price at auction was lower than transaction prices at the general market in all the areas. It was found that the rate of price gaps was -3.54% in Dobong-gu, -7.40% in Kangnam-gu and -12.45% in Suji-gu. These findings are identical with the general understanding that the sales price at auction would be lower than transaction prices at the general market in Korea. But it was found that there was a considerable difference in the rate of price gap in the selected areas according to transactional methods.

부실채권 관련 변수가 부동산의 경매낙찰가율에 미치는 영향 연구

임의택,이호병 한국부동산학회 2016 不動産學報 Vol.64 No.-

1. CONTENTS (1) RESEARCH OBJECTIVES Auction real estates such as commercial facilities and factories are advertised through lot of means such as internet auction sites and lectures of auction academy. As a result of the advertisement, more people tend to participate in real estate auction bidding. Eventually, the auction winning price or the auction winning price rate tends to increase. From the point of the above description, this research is to analyze the impact of the factors such as real estate characteristics, locational characteristics, auction characteristics and the characteristics related to non-performing loan on the real estate auction winning price rate. (2) RESEARCH METHOD The data of the research were collected from the auction real estate with the non-performing loan which the affiliates of the ooo Asset Management Company bought from the financial institutes. The data were posted at goodauction internet site. This research identified the statistical figures with the statistical analysis techniques such as basic statistics analysis and the regression analysis. (3) RESEARCH FINDINGS The major research findings are as follows. First, the most powerful factor with a statistical significance among the 13 independent variables used in this research is the number of auction bid failure. Second, the second powerful factor with a statistical significance is the number of auction participant. Third, the research for the first time identified in the auction price determinant research area that the first mortgaged backed loan rate influences the auction winning price rate with a statistical significance. Fourth, there is a statistically significant difference between Seoul and the capital area excluding Seoul in terms of the impact of the factors of auction real estates. Fifth, the other factors such as tenant with a countervailing power and delayed maintenance fee don't show a statistical significance. It means that these factors don't have a significant impact on the winning auction price rate. Therefore, we may assume that the participants of real estate auction disregard these factors when they participate at real estate auction. 2. RESULTS This research for the first time found out that the characteristics variables related to non-performing loan influence real estate auction winning price rate with a statistical significance. If the same conditions are given to other variables, the higher the first mortgaged backed loan rate of real estate with non-performing loan is, the higher the real estate auction winning price rate is. 근린상가, 공장 등 경매 부동산이 인터넷 경매 사이트 등을 통하여 광고되면서 일반인의 경매 입참 참여가 촉진되고 경매낙찰가율도 상승한다. 이러한 관점에서 경매 부동산의 부동산 특성, 입지 특성, 경매 특성, 부실채권 특성 변수가 부동산의 경매낙찰가율에 미치는 영향을 분석하는 것이다. 분석 결과는 다음과 같다. 첫째 분석대상 13개 변수 중에서 통계적 유의성을 갖으면서 영향력이 가장 큰 변수는 유찰횟수이다. 둘째 유찰횟수 다음으로 통계적 유의성을 갖고 영향력이 큰 변수는 응찰자수이다. 셋째 부동산 경매 가격 결정요인 연구분야에서 본 연구가 처음으로 독립변수로 다룬 부실채권 특성 변수인 채권비율이 경매낙찰가율에 통계적으로 유의성 있는 영향을 미치는 것으로 검증되었다. 넷째 서울과 서울을 제외한 수도권간에 경매낙찰가율에 미치는 변수의 영향에 있어서 통계적 유의성 있는 차이가 있는 것으로 검증되었다. 다섯째 대항력이 있는 임차인, 연체관리비 등 기타 변수는 경매낙찰가율에 통계적 유의성 있는 영향을 미치지 않은 것으로 검증되었다. 결론적으로 다른 조건이 동일할 경우에 부동산 제1순위 근저당 채권비율이 높을수록 부동산의 경매낙찰가율이 높게 형성된다.

소비심리와 주택매매가격이 경매낙찰가율에 미치는 영향

전해정(Chun, Hae Jung) 한국주거환경학회 2018 주거환경(한국주거환경학회논문집) Vol.16 No.3

The purpose of this study is to analyze the effect of consumer sentiment and housing sales price on the housing auction price ratio. This study was analyzed using panel vector error correction model(VECM). The independent variable is the housing auction price ratio and the dependent variables are the housing consumer sentiment index and housing sales price. The temporal range is from July 2011 to May 2017, and the spatial ranges are Seoul, Gyeonggi-do and Incheon. As a result of variance decomposition analysis, the explanatory power of the housing auction price ratio was the largest, and the housing consumer sentiment index and the housing sales price showed the highest explanatory power. As a result of impulse response analysis, the housing auction price ratio showed a positive (+) response to the housing consumer sentiment index. The housing auction price ratio showed a positive (+) response to the housing sales price, and the housing sales price showed a positive (+) response to the housing auction price ratio. Housing sales price and consumer sentiment index showed a positive(+) response on each other. The housing sales market and the auction market were found to be coupled. Especially, it was found that consumer sentiment had a great influence on the housing market and aution market.

부실채권 관련 변수가 부동산의 경매낙찰가율에 미치는 영향 연구

임의택(Lim Eui Taek),이호병(Lee Ho Byung) 한국부동산학회 2016 不動産學報 Vol.67 No.-

근린상가, 공장 등 경매 부동산이 인터넷 경매 사이트 등을 통하여 광고되면서 일반인의 경매 입참 참여가 촉진되고 경매낙찰가율도 상승한다. 이러한 관점에서 경매 부동산의 부동산 특성, 입지 특성, 경매 특성, 부실채권 특성 변수가 부동산의 경매낙찰가율에 미치는 영향을 분석하는 것이다. 분석 결과는 다음과 같다. 첫째 분석대상 13개 변수 중에서 통계적 유의성을 갖으면서 영향력이 가장 큰 변수는 유찰횟수이다. 둘째 유찰횟수 다음으로 통계적 유의성을 갖고 영향력이 큰 변수는 응찰자수이다. 셋째 부동산 경매 가격 결정요인 연구분야에서 본 연구가 처음으로 독립변수로 다룬 부실채권 특성 변수인 채권비율이 경매낙찰가율에 통계적으로 유의성 있는 영향을 미치는 것으로 검증되었다. 넷째 서울과 서울을 제외한 수도권간에 경매낙찰가율에 미치는 변수의 영향에 있어서 통계적 유의성 있는 차이가 있는 것으로 검증되었다. 다섯째 대항력이 있는 임차인, 연체관리비 등 기타 변수는 경매낙찰가율에 통계적 유의성 있는 영향을 미치지 않은 것으로 검증되었다. 결론적으로 다른 조건이 동일할 경우에 부동산 제1순위 근저당 채권비율이 높을수록 부동산의 경매낙찰가율이 높게 형성된다. 1. CONTENTS (1) RESEARCH OBJECTIVES Auction real estates such as commercial facilities and factories are advertised through lot of means such as internet auction sites and lectures of auction academy. As a result of the advertisement, more people tend to participate in real estate auction bidding. Eventually, the auction winning price or the auction winning price rate tends to increase. From the point of the above description, this research is to analyze the impact of the factors such as real estate characteristics, locational characteristics, auction characteristics and the characteristics related to non-performing loan on the real estate auction winning price rate. (2) RESEARCH METHOD The data of the research were collected from the auction real estate with the non-performing loan which the affiliates of the ooo Asset Management Company bought from the financial institutes. The data were posted at goodauction internet site. This research identified the statistical figures with the statistical analysis techniques such as basic statistics analysis and the regression analysis. (3) RESEARCH FINDINGS The major research findings are as follows. First, the most powerful factor with a statistical significance among the 13 independent variables used in this research is the number of auction bid failure. Second, the second powerful factor with a statistical significance is the number of auction participant. Third, the research for the first time identified in the auction price determinant research area that the first mortgaged backed loan rate influences the auction winning price rate with a statistical significance. Fourth, there is a statistically significant difference between Seoul and the capital area excluding Seoul in terms of the impact of the factors of auction real estates. Fifth, the other factors such as tenant with a countervailing power and delayed maintenance fee don t show a statistical significance. It means that these factors don t have a significant impact on the winning auction price rate. Therefore, we may assume that the participants of real estate auction disregard these factors when they participate at real estate auction. 2. RESULTS This research for the first time found out that the characteristics variables related to non-performing loan influence real estate auction winning price rate with a statistical significance. If the same conditions are given to other variables, the higher the first mortgaged backed loan rate of real estate with non-performing loan is, the higher the real estate auction winning price rate is.