Price Dynamics in sequential auctions. New evidence using art auction data
We analyze the price structure of sequential auctions of modern and contemporary art that took place in Italy during the period 1983-96. Contrary to previous empirical studies, we do not find any “afternoon” effect - i.e., a decline of auction prices relative to their estimates. If anything, we find the opposite, or “morning”, effect. Our results are robust to different econometric specifications. Taking into consideration the possible dynamic nature of price determination, we propose an interpretation of the empirical results that encompasses previous contributions.
|Date of creation:||Jun 1999|
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- von der Fehr, Nils-Henrik Morch, 1994. "Predatory Bidding in Sequential Auctions," Oxford Economic Papers, Oxford University Press, vol. 46(3), pages 345-56, July.
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"Declining Values and the Afternoon Effect: Evidence from Art Auctions,"
Economics Series Working Papers
99184, University of Oxford, Department of Economics.
- Alan Beggs & Kathryn Graddy, 1997. "Declining Values and the Afternoon Effect: Evidence from Art Auctions," RAND Journal of Economics, The RAND Corporation, vol. 28(3), pages 544-565, Autumn.
- Robert Ekelund & Rand Ressler & John Watson, 1998. "Estimates, Bias and “No Sales” in Latin-American Art Auctions, 1977–1996," Journal of Cultural Economics, Springer, vol. 22(1), pages 33-42, March.
- McAfee R. Preston & Vincent Daniel, 1993. "The Declining Price Anomaly," Journal of Economic Theory, Elsevier, vol. 60(1), pages 191-212, June.
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