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The performance of auction houses selling Picasso prints

Author

Listed:
  • Finn Forsund

    (University of Oslo)

  • Roberto Zanola

    (University of Eastern Piedmont)

Abstract

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.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Finn Forsund & Roberto Zanola, 2002. "The performance of auction houses selling Picasso prints," Others 0210003, EconWPA.
  • Handle: RePEc:wpa:wuwpot:0210003 Note: Type of Document - PDF; pages: 27
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    File URL: http://econwpa.repec.org/eps/othr/papers/0210/0210003.pdf
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    References listed on IDEAS

    as
    1. Per Andersen & Niels Christian Petersen, 1993. "A Procedure for Ranking Efficient Units in Data Envelopment Analysis," Management Science, INFORMS, pages 1261-1264.
    2. 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.
    3. G. Candela & A. Scorcu, 1997. "A Price Index for Art Market Auctions," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, pages 175-196.
    4. Anderson, Robert C, 1974. "Paintings as an Investment," Economic Inquiry, Western Economic Association International, vol. 12(1), pages 13-26, March.
    5. Olivier Chanel & Louis-André Gérard-Varet & Victor Ginsburgh, 1996. "The relevance of hedonic price indices," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, pages 1-24.
    6. Olivier Chanel & Louis-André Gérard-Varet & Victor Ginsburgh, 1996. "The relevance of hedonic price indices," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, pages 1-24.
    7. Rajiv D. Banker & Richard C. Morey, 1986. "The Use of Categorical Variables in Data Envelopment Analysis," Management Science, INFORMS, pages 1613-1627.
    Full references (including those not matched with items on IDEAS)

    More about this item

    JEL classification:

    • P - Economic Systems
    • Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics
    • Z - Other Special Topics

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