Auctioneer Strategy and Pricing: Evidence from an Art Auction
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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- 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.
- Wright, Peter & Rip, Peter D, 1980. " Product Class Advertising Effects on First-Time Buyers' Decision Strategies," Journal of Consumer Research, Oxford University Press, vol. 7(2), pages 176-188, Se.
- 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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