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The Roundness of Antiquity Valuations from Auction Houses and Sales

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  • Melissa Boyle

    (College of the Holy Cross)

  • Justin Svec

    (College of the Holy Cross)

Abstract

Auction houses employ in-house art experts to assess the value of objects. Items that will be placed on the auction block are first published in catalogs with the experts’ upper- and lower-bound estimates of each object’s market value. This paper examines whether the roundness of those estimates is related to the likelihood that items sell and their eventual hammer price. We find that rounder lower estimates reduce the eventual hammer price and perhaps also the likelihood that the item sells. The roundness of the upper estimate seems to have no clear impact on the auction outcome.

Suggested Citation

  • Melissa Boyle & Justin Svec, 2022. "The Roundness of Antiquity Valuations from Auction Houses and Sales," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 48(4), pages 602-630, October.
    • Handle: RePEc:pal:easeco:v:48:y:2022:i:4:d:10.1057_s41302-022-00222-1
    DOI: 10.1057/s41302-022-00222-1
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    More about this item

    Keywords

    Roundness; Auction; Antiquities;
    All these keywords.

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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