AbstractWorks of art and culture are sold by many means. These include transactions between dealers and their customers, auctions with open outcry, and even, occasionally, sealed bid auctions. However, the standard procedure for establishing art valuations is most commonly the English auction, where prices ascend in open bidding. The primary, but not the only, alternative, is the Dutch auction, where the auctioneer starts at a high price and reduces it until a bidder is found.
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Bibliographic InfoPaper provided by Princeton University, Department of Economics, Center for Economic Policy Studies. in its series Working Papers with number 1212.
Date of creation: Mar 2010
Date of revision:
art; auction; auctions; art dealers; biddets; dutch auction; english auction;
Other versions of this item:JEL classification:
- D02 - Microeconomics - - General - - - Institutions: Design, Formation, and Operations
- D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
- L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
- Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
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