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Are auction revenues affected by rising art buyers' premia? The case of early American art

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  • Seth C. Anderson
  • Robert B. Jr Ekelund
  • John D. Jackson
  • Robert D. Tollison

Abstract

The steady rise in the premiums charged to art buyers at auction (above hammer price) has been underway since 1992. This article, using a stable and bounded sample of repeat purchase of American works created before 1950, reveals that this tact has reduced hammer prices for that art. However, renewed and hyper-competitive efforts to bring more and higher quality art to market by the two main houses, Sotheby's and Christie's, have resulted in general profitability. Nevertheless, we calculate that a rise in buyers' premia at Sotheby's, a publically traded company, has reduced revenues and profits below their potential in the absence of such increases.

Suggested Citation

  • Seth C. Anderson & Robert B. Jr Ekelund & John D. Jackson & Robert D. Tollison, 2015. "Are auction revenues affected by rising art buyers' premia? The case of early American art," Applied Economics, Taylor & Francis Journals, vol. 47(14), pages 1389-1400, March.
    • Handle: RePEc:taf:applec:v:47:y:2015:i:14:p:1389-1400
    DOI: 10.1080/00036846.2014.997926
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