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Auctions and the Price of Art

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  • Orley Ashenfelter
  • Kathryn Graddy

Abstract

This paper contains a review of the burgeoning new research of the last decade that has been designed to shed light on how the art auction system works, what it indicates about price formation, and how well it performs. We begin with a short description of the mechanics of the auction system and then organize the remainder of our discussion around two major topics: how auction prices can be used to determine and compare overall price movements within the art market and with other markets; and how the auction mechanism influences prices.

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Bibliographic Info

Article provided by American Economic Association in its journal Journal of Economic Literature.

Volume (Year): 41 (2003)
Issue (Month): 3 (September)
Pages: 763-787

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Handle: RePEc:aea:jeclit:v:41:y:2003:i:3:p:763-787

Note: DOI: 10.1257/002205103322436188
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References

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  1. > Industrial Organization > Industry studies > Sports, recreation and tourism > Arts
  2. > Industrial Organization > Industry studies > Sports, recreation and tourism
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