Strategie di intermediazione e di scambio nel mercato dell'arte: un'analisi empirica
This paper analyzes the auctions of modern and contemporary paintings in the Italian market over the period 1983-95. Two main empirical findings emerge: first, the estimated values increase with order of sale; second, the price/estimate ratios are independent of the order of sale. Therefore, on average, the effects that could systematically affect the price/estimate sequence neutralize each other and no profitable trading rules emerge. At the same time, predictable differences in the average price of the paintings are present at the auction level.
Volume (Year): (1997)
Issue (Month): 2 ()
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