skip to content
Sale rates and price movements in art auctions Preview this item
ClosePreview this item
Checking...

Sale rates and price movements in art auctions

Author: Orley Ashenfelter; Kathryn Jo Graddy; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2011.
Series: Working paper series (National Bureau of Economic Research), no. 16743.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
The failure of many paintings to sell in art auctions indicates the presence of reserve prices set by sellers. This paper examines the relationship between sale rates and price surprises over time in art auctions. Using data on contemporary and impressionist art, we show that while sale rates appear to have little relationship to current prices, there exists a strong positive relationship of sale rates to unexpected  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

 

Find a copy online

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Orley Ashenfelter; Kathryn Jo Graddy; National Bureau of Economic Research.
OCLC Number: 699513410
Notes: "January 2011."
Title from http://www.nber.org/papers/16743 viewed Jan. 31, 2011.
Description: 1 online resource (13 p.) : ill.
Series Title: Working paper series (National Bureau of Economic Research), no. 16743.
Responsibility: Orley C. Ashenfelter, Kathryn Graddy.

Abstract:

The failure of many paintings to sell in art auctions indicates the presence of reserve prices set by sellers. This paper examines the relationship between sale rates and price surprises over time in art auctions. Using data on contemporary and impressionist art, we show that while sale rates appear to have little relationship to current prices, there exists a strong positive relationship of sale rates to unexpected aggregate price changes, which is reminiscent of a Phillips curve. As a result, sale rates provide a useful quantity indicator of the strength of the art market. The data also indicate that sale rates revert to "normal" very quickly following a price surprise. We estimate an empirical model to measure normal sale rates. We also find evidence that the reserve price is set on average at about 70% of the auctioneer's low estimate, as published in the auction catalog.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.

Similar Items

Related Subjects:(2)

User lists with this item (1)

Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


<http://www.worldcat.org/oclc/699513410>
library:oclcnum"699513410"
library:placeOfPublication
library:placeOfPublication
owl:sameAs<info:oclcnum/699513410>
rdf:typeschema:Book
schema:about
schema:about
schema:bookFormatschema:EBook
schema:contributor
schema:contributor
schema:copyrightYear"2011"
schema:creator
schema:datePublished"2011"
schema:description"The failure of many paintings to sell in art auctions indicates the presence of reserve prices set by sellers. This paper examines the relationship between sale rates and price surprises over time in art auctions. Using data on contemporary and impressionist art, we show that while sale rates appear to have little relationship to current prices, there exists a strong positive relationship of sale rates to unexpected aggregate price changes, which is reminiscent of a Phillips curve. As a result, sale rates provide a useful quantity indicator of the strength of the art market. The data also indicate that sale rates revert to "normal" very quickly following a price surprise. We estimate an empirical model to measure normal sale rates. We also find evidence that the reserve price is set on average at about 70% of the auctioneer's low estimate, as published in the auction catalog."@en
schema:exampleOfWork<http://worldcat.org/entity/work/id/773793075>
schema:inLanguage"en"
schema:name"Sale rates and price movements in art auctions"@en
schema:publisher
schema:url
schema:url<http://papers.nber.org/papers/w16743>

Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.