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 EconWPA in its series Others with number 0210003.
Length: 27 pages
Date of creation: 28 Oct 2002
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Note: Type of Document - PDF; pages: 27
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- Finn R. Førsund & Roberto Zanola, 2002. "The performance of auction houses selling Picasso Prints," ICER Working Papers 30-2002, ICER - International Centre for Economic Research.
- P - Economic Systems
- Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics
- Z - Other Special Topics
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