Art experts and auctions Are pre-sale estimates unbiased and fully informative?
AbstractPublic sales art catalogues include low and high pre-sale price estimates by experts. This makes it possible to analyze whether pre-sale estimates are unbiased predictors of realized prices. Unbiasedness is tested using a sample of some 1,600 lots of English silver auctioned by Christie's and Sotheby's. Results show that estimates are slightly (but significantly) baised and that experts do not use ail the information that is available to them when they make their estimates.
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Bibliographic InfoPaper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (REL - Recherches Economiques de Louvain) with number 2000022.
Date of creation: 01 Jun 2000
Date of revision:
Biasedness of pre-sale estimates; not fully informative pre-sale estimates;
Other versions of this item:
- BAUWENS, Luc & GINSBURGH, Victor, . "Art experts and auctions are pre-sale estimates unbiased and fully informative?," CORE Discussion Papers RP -1485, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Victor Ginsburgh & Luc Bauwens, 2000. "Art experts and auctions :are pre-sale estimates unbiased and fully informative," ULB Institutional Repository 2013/152099, ULB -- Universite Libre de Bruxelles.
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
- Z1 - Other Special Topics - - Cultural Economics
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