Declining Values and the Afternoon Effect: Evidence from Art Auctions
AbstractThis paper reports the results of a study on the order of sale in art auctions. The final bid relative to the autionner's estimated price is found to decline throughout the course of auction.
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Bibliographic InfoPaper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 99184.
Length: 30 pages
Date of creation: 1996
Date of revision:
Other versions of this item:
- Alan Beggs & Kathryn Graddy, 1997. "Declining Values and the Afternoon Effect: Evidence from Art Auctions," RAND Journal of Economics, The RAND Corporation, vol. 28(3), pages 544-565, Autumn.
- D40 - Microeconomics - - Market Structure and Pricing - - - General
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
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RePEc Biblio mentionsAs found on the RePEc Biblio, the curated bibliography for Economics:CitEc Project, subscribe to its RSS feed for this item.
- Benjamin J. Burton & Joyce P. Jacobsen, 1999. "Measuring Returns on Investments in Collectibles," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 193-212, Fall.
- repec:pri:cepsud:1212 is not listed on IDEAS
- Calin Valsan & Robert Sproule, 2006. "Hedonic Models and Pre-Auction Estimates: Abstract Art Revisited," Economics Bulletin, AccessEcon, vol. 26(5), pages 1-10.
- Tibor Neugebauer & Paul Pezanis-Christou, 2003.
"Bidding at Sequential First-Price Auctions with(out) Supply Uncertainty: A Laboratory Analysis,"
UFAE and IAE Working Papers
558.03, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Tibor Neugebauer & Paul Pezanis-Christou, 2003. "Bidding at Sequential First-Price Auctions with(out) Supply Uncertainty: a Laboratory Analysis," Working Papers 24, Barcelona Graduate School of Economics.
- repec:ebl:ecbull:v:26:y:2006:i:5:p:1-10 is not listed on IDEAS
- Tibor Neugebauer, 2005. "Bidding Strategies Of Sequential First Price Auctions Programmed By Experienced Bidders," Experimental 0503007, EconWPA.
- Longstaff, Francis A & Han, Bing & Merrill, Craig, 2004. "Revenue Implications of Multi-Item Multi-Unit Auction Designs: Empirical Evidence from the U.S. Treasury Buyback Auctions," University of California at Los Angeles, Anderson Graduate School of Management qt7344v866, Anderson Graduate School of Management, UCLA.
- Lucia Dunn & Stephen Cosslett & Tasneem Chipty, 2006. "Time Allocation and Selling Mechanisms in Outcry Auctions," Working Papers 06-02, Ohio State University, Department of Economics.
- Owen R. Phillips & Dale J. Menkhaus & Kalyn T. Coatney, 2003. "Collusive Practices in Repeated English Auctions: Experimental Evidence on Bidding Rings," American Economic Review, American Economic Association, vol. 93(3), pages 965-979, June.
- Zulehner, Christine, 2009.
"Bidding behavior in sequential cattle auctions,"
International Journal of Industrial Organization,
Elsevier, vol. 27(1), pages 33-42, January.
- Orley Ashenfelter & Kathryn Graddy, 2010. "Art Auctions," Working Papers 1212, Princeton University, Department of Economics, Center for Economic Policy Studies..
- Alan Beggs & Kathryn Graddy, 2005.
"Testing for Reference Dependence: An Application to the Art Market,"
Economics Series Working Papers
228, University of Oxford, Department of Economics.
- Beggs, Alan & Graddy, Kathryn, 2005. "Testing for Reference Dependence: An Application to the Art Market," CEPR Discussion Papers 4982, C.E.P.R. Discussion Papers.
- Stuart Kells, 2003. "Explaining The Breadth Of Expert Estimate Ranges In Auctions Of Rare Books," Department of Economics - Working Papers Series 873, The University of Melbourne.
- Patrick Georges & Aylin Seçkin, 2012. "Auction Prices of Classical Music Manuscripts – A Hedonic Approach," Working Papers 1202E, University of Ottawa, Department of Economics.
- Archishman Chakraborty & Nandini Gupta & Rick Harbaugh, 2000. "First Impressions in a Sequential Auction," Econometric Society World Congress 2000 Contributed Papers 1705, Econometric Society.
- Michael Beckmann, 2004. "Art Auctions and Bidding Rings: Empirical Evidence from German Auction Data," Journal of Cultural Economics, Springer, vol. 28(2), pages 125-141, May.
- R. Ekelund & Rand Ressler & John Watson, 2000. "The ``Death-Effect'' in Art Prices: A Demand-Side Exploration," Journal of Cultural Economics, Springer, vol. 24(4), pages 283-300, November.
- Han, Bing & Longstaff, Francis A. & Merrill, Craig, 2005. "The Cherry-Picking Option in the U.S. Treasury Buyback Auctions," Working Paper Series 2004-23, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Andrew Sweeting, 2008. "Equilibrium Price Dynamics in Perishable Goods Markets: The Case of Secondary Markets for Major League Baseball Tickets," NBER Working Papers 14505, National Bureau of Economic Research, Inc.
- 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.
- Robert Ekelund & Rand Ressler & John Watson, 1998. "Estimates, Bias and “No Sales” in Latin-American Art Auctions, 1977–1996," Journal of Cultural Economics, Springer, vol. 22(1), pages 33-42, March.
- Gerard J. van den Berg & Jan C. van Ours & Menno P. Pradhan, 2001. "The Declining Price Anomaly in Dutch Dutch Rose Auctions," American Economic Review, American Economic Association, vol. 91(4), pages 1055-1062, September.
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