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The performance of auction houses selling Picasso Prints

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Author Info
Finn R. Førsund ()
Roberto Zanola ()

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Abstract

It has been observed that similar prints can obtain quite different prices at different auctions within the same auction period. Previous works applying hedonic price technique to determine the formation of auction prices of objects of art have found no conclusive result about the impact of auction houses on final prices. In these studies the object of art has been the unit, and influence of auction houses is analysed by testing whether auction house impact on price is significant or not within a framework of central tendencies. In order to focus on auction houses as a unit we have applied a benchmarking technique, DEA, developed for efficiency studies. Performance indexes are defined and calculated giving an insight into auction house differences difficult to obtain using hedonic price approach.

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File URL: http://www.icer.it/docs/wp2002/forsund30-02.pdf
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Publisher Info
Paper provided by ICER - International Centre for Economic Research in its series ICER Working Papers with number 30-2002.

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Length: 27 pages
Date of creation: Jun 2002
Date of revision:
Handle: RePEc:icr:wpicer:30-2002

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Related research
Keywords: Performance; auction house; Picasso prints; hedonic price; benchmarking; best practice; DEA;

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Find related papers by JEL classification:
C61 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Optimization Techniques; Programming Models; Dynamic Analysis
D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity
Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. G. Candela & A. Scorcu, 1997. "A Price Index for Art Market Auctions," Journal of Cultural Economics, Springer, vol. 21(3), pages 175-196, September. [Downloadable!] (restricted)
  2. Diewert, Erwin, 2007. "Index Numbers," UBC Departmental Archives diewert-07-01-03-08-17-23, UBC Department of Economics, revised 31 Jan 2007. [Downloadable!]
  3. Anderson, Robert C, 1974. "Paintings as an Investment," Economic Inquiry, Oxford University Press, vol. 12(1), pages 13-26, March.
  4. 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)
  5. Finn R. Førsund & Roberto Zanola, 2001. "Selling Picasso paintings: the efficiency of auction houses," ICER Working Papers 07-2001, ICER - International Centre for Economic Research. [Downloadable!]
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