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The art of benchmarking: Picasso prints and auction house performance

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Author Info
Finn R. Førsund
Roberto Zanola

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Abstract

The influence of the auction house on the price of comparable art objects is an issue in the economics of arts literature. The standard approach has been to run hedonic price regressions including the auction house as a dummy variable. The approach in this paper is to apply benchmarking tools developed in the efficiency and productivity literature directly to the auction house as a unit. New performance indices are developed based on a DEA benchmarking technique to analyse auction houses. The new indices discriminate well between auction houses by allowing one to identify both contemporaneous and inter-temporal performances. Additional best performance results are obtained for specific attributes.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Applied Economics.

Volume (Year): 38 (2006)
Issue (Month): 12 (July)
Pages: 1425-1434
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Handle: RePEc:taf:applec:v:38:y:2006:i:12:p:1425-1434

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  1. Tulkens, H. & Vanden Eeckaut, P., 1993. "Non-parametric Efficiency, Progress and Regress Measures for Panel data: Methodological Aspects," Papers 9316, Catholique de Louvain - Center for Operations Research and Economics.
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  2. Orley Ashenfelter & Kathryn Graddy, 2003. "Auctions and the Price of Art," Journal of Economic Literature, American Economic Association, vol. 41(3), pages 763-787, September.
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  3. Olivier Chanel & Louis-André Gérard-Varet & Victor Ginsburgh, 1996. "The relevance of hedonic price indices," Journal of Cultural Economics, Springer, vol. 20(1), pages 1-24, March. [Downloadable!] (restricted)
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This page was last updated on 2008-8-28.

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