Auctioneer Strategy and Pricing: Evidence from an Art Auction
AbstractThis study examines the role of auctioneer's strategy used in determining pricing at art auctions. It characterizes the role of auctioneers, prices that the paintings were sold at and tests a series of hypotheses about their behaviour. This is done using pricing data from an auction of paintings. It examines the relationship between the auctioneer's estimates and realized prices. It determines whether the auctioneer and the market evaluate different attributes of different paintings differently and finally, an analysis is undertaken on the determinants of prices in the art market as suggested by hedonic regression.
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Bibliographic InfoPaper provided by School of Economics, La Trobe University in its series Working Papers with number 2001.05 EDIRC Provider-Institution: RePEc:edi:smlatau.
Length: 26 pages
Date of creation: 2001
Date of revision:
Other versions of this item:
- Clare M D'Souza & David Prentice, 2001. "Auctioneer Strategy and Pricing: Evidence from an Art Auction," Working Papers 2001.05, School of Economics, La Trobe University.
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.:
- McAfee, R. Preston & McMillan, John, 1987. "Auctions with a stochastic number of bidders," Journal of Economic Theory, Elsevier, vol. 43(1), pages 1-19, October.
- Jan Chvosta & Randal R. Rucker & Myles J. Watts, 2001. "Transaction Costs and Cattle Marketing: The Information Content of Seller-Provided Presale Data at Bull Auctions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(2), pages 286-301.
- Calin Valsan & Robert Sproule, 2006. "Hedonic Models and Pre-Auction Estimates: Abstract Art Revisited," Economics Bulletin, AccessEcon, vol. 26(5), pages 1-10.
- Calin Valsan & Robert Sproule, 2008. "Reservation Prices And Pre-Auction Estimates: A Study In Abstract Art," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 10(24), pages 257-272, June.
- repec:ebl:ecbull:v:26:y:2006:i:5:p:1-10 is not listed on IDEAS
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