The performance of auction houses selling Picasso Prints
AbstractIt 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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Bibliographic InfoPaper provided by ICER - International Centre for Economic Research in its series ICER Working Papers with number 30-2002.
Length: 27 pages
Date of creation: Jun 2002
Date of revision:
Performance; auction house; Picasso prints; hedonic price; benchmarking; best practice; DEA;
Other versions of this item:
- Finn Forsund & Roberto Zanola, 2002. "The performance of auction houses selling Picasso prints," Others 0210003, EconWPA.
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
This paper has been announced in the following NEP Reports:
- NEP-CUL-2003-07-10 (Cultural Economics)
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"The relevance of hedonic price indices,"
CORE Discussion Papers RP
-1222, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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