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The performance of auction houses selling Picasso prints

  • Finn Forsund

    (University of Oslo)

  • Roberto Zanola

    (University of Eastern Piedmont)

It has been observed that similar prints can obtain quite different prices at different auctions within the same auction period. Previous works applying hedonic price technique to determine the formation of auction prices of objects of art have found no conclusive result about the impact of auction houses on final prices. In these studies the object of art has been the unit, and influence of auction houses is analysed by testing whether auction house impact on price is significant or not within a framework of central tendencies. In order to focus on auction houses as a unit we have applied a benchmarking technique, DEA, developed for efficiency studies. Performance indexes are defined and calculated giving an insight into auction house differences difficult to obtain using hedonic price approach.

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Paper provided by EconWPA in its series Others with number 0210003.

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Length: 27 pages
Date of creation: 28 Oct 2002
Date of revision:
Handle: RePEc:wpa:wuwpot:0210003
Note: Type of Document - PDF; pages: 27
Contact details of provider: Web page: http://econwpa.repec.org

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  1. Olivier Chanel & Louis-André Gérard-Varet & Victor Ginsburgh, 1996. "The relevance of hedonic price indices," Journal of Cultural Economics, Springer, vol. 20(1), pages 1-24, March.
  2. Rajiv D. Banker & Richard C. Morey, 1986. "The Use of Categorical Variables in Data Envelopment Analysis," Management Science, INFORMS, vol. 32(12), pages 1613-1627, December.
  3. G. Candela & A. Scorcu, 1997. "A Price Index for Art Market Auctions," Journal of Cultural Economics, Springer, vol. 21(3), pages 175-196, September.
  4. Per Andersen & Niels Christian Petersen, 1993. "A Procedure for Ranking Efficient Units in Data Envelopment Analysis," Management Science, INFORMS, vol. 39(10), pages 1261-1264, October.
  5. Finn R. Førsund & Roberto Zanola, 2001. "Selling Picasso paintings: the efficiency of auction houses," ICER Working Papers 07-2001, ICER - International Centre for Economic Research.
  6. Anderson, Robert C, 1974. "Paintings as an Investment," Economic Inquiry, Western Economic Association International, vol. 12(1), pages 13-26, March.
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