Market integration between traditional and digital art markets in the era of artificial intelligence: evidence from global and Chinese transaction data

초록

Digital technologies-especially artificial intelligence (AI) and blockchain-are transforming creation, authentication, and trading in the global art market. This study empirically examines how AI-generated digital artworks interact with traditional art markets in both global and Chinese contexts. Using daily data from 2015 to 2025 and applying Johansen cointegration, a Vector Error Correction Model (VECM), impulse response analysis, and variance decomposition, we identify clear long- and short-run linkages among traditional art transactions, AI-generated NFT markets(AI-generated NFTs refer to artworks with AI as the core creative tool; GAN/CAN measure their transaction value ratio to total art NFT transactions, distinguished by platform tagging and creation declarations.), and key digital indicators. The results show that China's traditional art market and the global AI-generated NFT sector exert substitution effects on global transactions, while China's AI-generated NFT market strongly promotes global market growth. Short-run adjustments are asymmetric: China's AI-generated NFT sector and the global art market move toward equilibrium, whereas China's traditional market and the global AI-NFT share diverge. These findings reveal China's dual role as a traditional market hub and a driver of AI-enabled digital art.

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