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Determinants of sales rates at Turkish art auctions

Author

Listed:
  • Erdal Atukeren

    (BSL Business School, Lausanne, Rte. de la Maladière 21, P.O. Box 73, Chavannes (VD) CH-1022, Switzerland)

  • Aylin Seçkin

    (BSL Business School, Lausanne, Rte. de la Maladière 21, P.O. Box 73, Chavannes (VD) CH-1022, Switzerland)

Abstract

We examine the determinants of the overall sales rates at art auctions in Turkey. We use a unique dataset that covers 79 auctions that took place between January 2005 and February 2008. After controlling for auction house differences, seasonal factors and the price levels of the auctions, we find that the expectations about the economic developments and consumption patterns play an important role in explaining the sales rates differentials across different auctions taking place over time.

Suggested Citation

  • Erdal Atukeren & Aylin Seçkin, 2012. "Determinants of sales rates at Turkish art auctions," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 62(4), pages 489-503, December.
  • Handle: RePEc:aka:aoecon:v:62:y:2012:i:4:p:489-503
    Note: The authors would like to thank Istanbul Bilgi University for Research Grant No. 07-08/02. An earlier version of this paper was presented at the 10th Campus for Finance Research Conference organised by the WHU Otto Beisham School of Management, Vallendar, Germany (January 13–14, 2010). We would like to thank the participants of the “Alternative Investments II” session and Maximillian Trossbach (Discussant). We would also like to thank the two anonymous referees of Acta Oeconomica. The usual disclaimers apply.
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    More about this item

    Keywords

    Turkish art market; art auctions; sales rates;
    All these keywords.

    JEL classification:

    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions

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