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Auctioneer Strategy and Pricing: Evidence from an Art Auction

  • Clare M D'Souza

    ()

    (School of Economics, La Trobe University)

  • David Prentice

    ()

    (School of Economics, La Trobe University)

This study examines the role of auctioneer's strategy used in determining pricing at art auctions. It characterizes the role of auctioneers, prices that the paintings were sold at and tests a series of hypotheses about their behaviour. This is done using pricing data from an auction of paintings. It examines the relationship between the auctioneer's estimates and realized prices. It determines whether the auctioneer and the market evaluate different attributes of different paintings differently and finally, an analysis is undertaken on the determinants of prices in the art market as suggested by hedonic regression.

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File URL: http://www.latrobe.edu.au/__data/assets/pdf_file/0009/130878/2001.05.pdf
File Function: First version, 2001.05.pdf
Download Restriction: no

Paper provided by School of Economics, La Trobe University in its series Working Papers with number 2001.05.

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Length: 26 pages
Date of creation: 2001
Date of revision:
Handle: RePEc:trb:wpaper:2001.05
Contact details of provider: Web page: http://www.latrobe.edu.au/economics
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  1. McAfee, R. Preston & McMillan, John, 1987. "Auctions with a stochastic number of bidders," Journal of Economic Theory, Elsevier, vol. 43(1), pages 1-19, October.
  2. Jan Chvosta & Randal R. Rucker & Myles J. Watts, 2001. "Transaction Costs and Cattle Marketing: The Information Content of Seller-Provided Presale Data at Bull Auctions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 83(2), pages 286-301.
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