Sale Rates and Price Movements in Art Auctions

Orley Ashenfelter and Kathryn Graddy ()

American Economic Review, 2011, vol. 101, issue 3, 212-16

Abstract: This paper examines the relationship between sale rates and price shocks 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 negative relationship of sale rates to unexpected price shocks, which is reminiscent of a Phillips curve. We estimate an empirical model that suggests that the reserve price is set on average at about 70% of the low estimate.

Date: 2011
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Related works:
Working Paper: Sale Rates and Price Movements in Art Auctions (2011)
Working Paper: Sale Rates and Price Movements in Art Auctions (2011)
Working Paper: Sale Rates and Price Movements in Art Auctions (2011)
Working Paper: Sale Rates and Price Movements in Art Auctions (2011)
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