Determinants of sales rates at Turkish art auctions
Erdal Atukeren and
Acta Oeconomica, 2012, vol. 62, issue 4, 489-503
We examine the determinants of the overall sales rates at art auctions in Turkey. We use a unique dataset that covers 79 auctions that took place between January 2005 and February 2008. After controlling for auction house differences, seasonal factors and the price levels of the auctions, we find that the expectations about the economic developments and consumption patterns play an important role in explaining the sales rates differentials across different auctions taking place over time.
Keywords: Turkish art market; art auctions; sales rates (search for similar items in EconPapers)
JEL-codes: Z11 G10 D44 (search for similar items in EconPapers)
Note: The authors would like to thank Istanbul Bilgi University for Research Grant No. 07-08/02. An earlier version of this paper was presented at the 10th Campus for Finance Research Conference organised by the WHU Otto Beisham School of Management, Vallendar, Germany (January 13–14, 2010). We would like to thank the participants of the “Alternative Investments II” session and Maximillian Trossbach (Discussant). We would also like to thank the two anonymous referees of Acta Oeconomica. The usual disclaimers apply.
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Persistent link: https://EconPapers.repec.org/RePEc:aka:aoecon:v:62:y:2012:i:4:p:489-503
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